To mark the end of Shared Ownership Week 2021, here is a round-up of what shared ownership is and why this might be a great option if you are looking for a more affordable way to get onto the housing ladder.
We will also be sharing what one of our shared ownership customers had to say about why they chose a shared ownership property and their experience of the buying process.
What is shared ownership?
Shared ownership is a great way of buying your own home without having to find a huge deposit upfront.
With shared ownership, you can buy a share of a home and pay a low rent on the rest. This gives you a great alternative to renting if you can't afford to buy a home outright.
Just like any home, a shared ownership home will come with its own set of monthly bills, which will need to be considered ahead of securing your property. To find out more on the costs of shared ownership property, click here.
If you would like to find out more about the process of buying a shared ownership property, click here to view our step-by-step guide.
You can purchase further shares in your home from us at any time up to 100% ownership. This process is commonly known as 'staircasing' and simply means you are one step closer to owning your property in full.
To find out more on 'staircasing', click here.
What our customers say
We recently spoke to one of our customers who purchased a shared ownership property in Trowbridge. Read below to find out about why they chose shared ownership and their experience of the buying process.
What made you choose a shared ownership home?
As first time buyers and expecting our first child we weren’t in a position to have a big enough deposit to go through the usual process to get onto the property ladder. We looked into multiple options, including private rentals, but shared ownership allowed us to find our own space where we could see ourselves staying for our future.
How did you find the process of applying for a shared ownership home with Selwood?
The team at Selwood Housing were great from start to finish – all of our questions were answered and nothing was too much. Nothing in the process was made difficult. Chloe and her team were always on top of the process which made our part much easier.
Would you change anything about the process? If so, what would this be?
There is nothing we would change regarding the process from Selwood Housing's point of view however, we did have a really long process to get through with our solicitor – the team at Selwood Housing did help us massively from their end to speed things up and get all of their pieces done.
Would you recommend shared ownership to your friends and family? If so, why?
We would recommend shared ownership to anyone who's in a position like we were, with little deposit and wanting to get onto the property ladder. We are expecting our first child so wanted to move into our own property quite quickly, shared ownership was affordable and very simple.
Describe shared ownership in 3 words
Affordable, rewarding and simple.