What is shared ownership?
Shared ownership is an affordable home ownership scheme set up by the government to help people become homeowners if they cannot afford to buy a property on the open market.
The scheme enables you to buy a share of a property and pay rent on the share retained by Plymouth Community Homes.
The shared ownership scheme allows you to buy a share of between 25 and 75 % of the full property value however we generally market our homes from 40% as this is a good level to buy.
The bigger the share that you purchase the less rent you will pay on the remaining share.
You’ll need a deposit of between 5% and 20% of the share you are buying and will need to get a mortgage for the remainder of the share you purchase.
The property will be leasehold and you will be offered a 125 year lease for new build properties. If you purchase a re-sale property you will be buying the remaining term of the lease. Normally Plymouth Community Homes will remain the freeholder of the property.