Shared ownership: is it right for you?

Posted on 2 Aug 2019 at 01:17 PM

Cerris facts 1

With shared ownership, you could buy the dream home you always thought was out of reach.   

Shared Ownership is a government-funded means of getting your foot on the property ladder. You buy anything between 25% and 75% of a property, taking out a mortgage on the share you own and paying rent to a trusted housing provider on the remainder.   

As your mortgage will only be on a share of a home, this means you need a much smaller deposit than if you were buying a home outright. Shared ownership mortgages usually only require a 5% deposit – so you can get onto the property ladder with a deposit as low as £2,000...and sometimes less! 

We asked our shared ownership gurus at Cerris Homes to give us a few facts and figures based on the last 12 months.  

Average deposit & income 

  • The average share people bought of their home: 40%  
  • The average income of people buying homes: £23,228  
  • The average deposit amount: £9,249 

Who’s it for? 

Shared Ownership is ideal for first-time buyers, those who do not currently own a home, and anyone who may have a home to sell but cannot afford to buy again on the open market. 

Cerris facts 2 edit

Could shared ownership help you onto the property ladder?  

Get in touch with Cerris Homes today to find out if you can buy now, or when you may be able to buy in the future.  

Call on 01782 854754 or email us at newhomes@cerrishomes.co.uk.