If you would like to own your own home, but cannot afford to buy on the open market, shared ownership could be for you. Shared ownership allows you to buy a share of a property and pay rent for the remainder.
You may need to take out a mortgage to purchase a share in the property, but the rental element is based on 2.5% of the remaining share and therefore the total monthly amount normally works out at considerably less than you would have to pay on a mortgage for the whole property.
On a 2 bedroom flat which would cost £125,000 on the open market, if you purchased a 40% share with a full mortgage you would pay £292.30 for the mortgage repayments, but only £156.25 rent on the remaining 60% share (plus service charges). This would therefore be affordable for a single person earning only £16,641.
Properties currently available:
You can also visit The HomeBuy Agent's website for details of all shared ownership schemes across the West Midlands.
To apply please download both application forms: