Off the back of the Credit Crunch, the government introduced various schemes under the Help to Buy Umbrella one of these schemes is Shared Ownership. Shared Ownership was introduced to help First Time Buyers in Lincoln struggling to put their foot onto the property ladder.
How the scheme works is that you own a percentage of a property (usually between 25% and 75%), and then you pay rent on the remaining share.
The good news is if your household income is less than £80,000 then you are eligible to buy a home through the scheme. The shared ownership scheme is only available to either First Time Buyers in Lincoln or those in the process of selling a property. You must not own any other property at the time you buy your new home.
You will need to be able to prove you’re not in mortgage or rent arrears, that you have a good credit history and that you can afford the costs of buying a home under the shared ownership scheme.
If you achieve full ownership of your home, you can choose to sell the property yourself. However, the housing association has the right to ‘first refusal’ for a certain number of years after you first purchased your home. After this period, you can sell the property to anyone of your choice.
If you don’t own 100% of your home, the housing association can choose to find its buyer.
We hope this information was helpful. If you have any further question or need Help to Buy Mortgage Advice in Lincoln, don’t hesitate to get in touch with our friendly advisors, 8 am – 10 pm, seven days a week! We also offer a free mortgage consultation to every customer, no matter their mortgage situation.