Shared Ownership Properties in Manchester

Shared Ownership in Manchester

Shared Ownership is a government supported home-purchasing scheme. With its assistance, you can buy a portion of property from a housing association. The buyer is simply required to pay the home loan on his share of the home. He pays the rest of the expense as lease to the housing association. For this situation, the amount of the home loan is altogether lower.

How does Shared Ownership Manchester work?

According to the Shared Ownership scheme, purchasers decide how much of the property they can afford. Then they pay a deposit of at least 5% of the share they buy. To cover the rest, the buyer needs to get a mortgage. Upon request, the buyer can increase their share according to staircasing. As a rule, this process can last until the resident owns 75% of the real estate. Sometimes it is 100%. However, not all housing associations give permits for this, so if you want to staircase to 100%, you must first check the details with the developer.

What are the eligibility criteria for Shared Ownership Manchester?

Manchester Shared Ownership gives many people the opportunities to become the owner of their desired property. But before choosing this scheme, you need to make sure that you match the established criteria.

• Be at least 18 years old.
• Annual household income must be less than £90,000 (in London).
• Annual household income must be less than £80,000 (outside of London).
• Not allowed to own another home. If you already own another property (in the UK or abroad), you must be in the process of selling it.
• The buyer should not have the money to buy a home that meets his needs on the open market.
• To purchase one of the Shared Ownership homes, you must prove the absence of mortgage or rent arrears.
• Able to demonstrate a good credit history and show that you are able to afford the regular payments and costs involved in buying a home.
• It is preferable that the purchaser has some savings. He should be able to procure at least £4,000 to cover the costs of buying a home.

*Eligibility criteria may vary per housing association and therefore you should always check the exact criteria with the developer or housing association responsible for the exploitation of the property.