At Knight West Estate Agents, we encourage our clients to consider shared ownership because we understand that the property ladder can be tough. Our Colchester Estate Agents offer a personal one-to-one service.
How does shared ownership work?
If you cannot quite afford the full 100% of a mortgage, shared ownership will offer you a chance to get onto the property ladder. Shared ownership involves you paying between 25% - 75% of the property value, using a deposit and a mortgage. Then the remaining amount is paid off by rent over a period of time.
Shared ownerships will allow you to buy more shares overtime when you can afford to do so. Meaning, eventually you can have full ownership of your home.
If you consider to continue with a shared ownership the property will be a leasehold. Meaning, you would own the house for a fixed period of time usually between 90–120 years. Also you will have to pay a service charge, usually on a monthly basis.
· Shared ownership allows you to enter the property ladder without needing a large deposit, making it easier for you to buy your perfect home.
· Help increase your credit ratings, as even though there’s a small temporary drop, gradually overtime, paying the mortgage will benefit your credit rating.
· By choosing Knight West shared ownership, you can increase the share of the property. Meaning, overall increase of security due to no fear of a landlord ending your tenancy.
Are you eligible?
You would have to have an income less then £80,000 per annum and need to be at least one of these:
· Existing shareholder looking to buy a new home
· First time buyer
· A previous homeowner
If you are based in Colchester and are interested in a Shared Ownership, get in touch with our experienced Colchester estate agents today. Alternatively, if you would like to arrange your free valuation please contact us!