A staggering £7 billion of UK government money is left unspent every year because first-time buyers don’t realise that financial help is available when they come to look at property investment.
However, that figure is likely to fall as moves are made to heighten the awareness of shared ownership among the young generation, low-income families and even the over 55s.
Shared ownership is being talked up as a game-changer in the UK property market because it will bring more more first time buyers to the table – including those that have traditionally considered themselves with little chance of getting on the property ladder.
Why? Shared ownership allows people to buy a share of property from 25 per cent to 75 per cent max while renting the other share of the property which is nominally held by an affordable housing trust.
What’s the deal? Shared ownership puts an investor within reach of property if they are earning a minimum of £20,000 and a combined household income of less than £80,000 outside London. Within the capital, the threshold is less than £90,000.
The percentage deposit size is generally between five per cent and 10 per cent of the share.
Who? The likes of Property Booking, an online portal that offers guidance on shared ownership properties, advises that first-time buyers, those that had a home but can’t afford one, and people renting are those that can apply for a shared ownership mortgage – which are available with much lower deposits than if you were to buy at full market value of the property.
Some conditions may vary on some shared ownership schemes, such as those having local ties to a chosen area, and if you are military personnel, you may be given priority.
How long? If an application is accepted and a mortgage is put in place, through Property Booking, the process, depending on various factors, can be as little as 28 days and around two months to complete.
Where? With 40,000 first-time investors having already used the Shared Ownership route across the UK, new property owners are spoilt for choice.
Property Booking currently has over 2,1000 properties available for Shared Ownership across England, widening the availability and choice of homes for property buyers.
You can buy a shared property in any part of the country. Just look at houses for sale in Canterbury where Moat Homes, a leading housing association, offers a number of available schemes.
Equally, Origin Housing is a registered housing association that offers houses for sale in Harrow, other parts of London and Hertfordshire, to people who aspire to be a property owner.
When? The time to act is now. Work out your financial needs and wants, and approach a shared ownership property specialist to gain free advice for the right property at the right price.
Don’t miss out on the opportunity to cash in on part of that £7 billion that’s silently going begging and help propel yourself on the UK property scene.