Finding a home to buy
Shared Ownership provides a good opportunity to get a foot on the property ladder, enabling people to buy a share in a property and pay rent on the remainder. Buyers need to raise a mortgage for the share they want to buy, and then pay a subsidised rent on the remainder of the property.
Lease restrictions apply when buying a shared ownership property in a rural area. These may include only being able to purchase up to 80% of the property and having a local connection to the village/area.
Orbit have launched Help to Buy which provides a one-stop service for people who are interested in shared ownership accommodation in the area. Orbit will determine your eligibility and keep your details for schemes available in your chosen area.
Seek the advice of a qualified Independent Financial Advisor (IFA) to find out how much you can borrow for your mortgage.