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What are the different types of Shared Ownership Schemes?

Do it Yourself Shared Ownership and Homebuy.

Do it Yourself Shared Ownership is a scheme that the purchaser selects a property they want to buy on the open market, this means the purchaser does not have to live at a certain property in order to make the purchase. The purchaser will then ask the association to buy the amount of the property that the purchaser cannot afford. This is typically based on a 75 percent to 25 percent split.Under the Do it Yourself scheme the buyer must pay the association a rent for the share they do not own.This schemes advantage is that the buyer has a choice of property.

The government backed housing program aimed towards first time buyers known as the HomeBuy Scheme has three different sub categories, these are New Build HomeBuy, Open Market HomeBuy and Social HomeBuy. The open market scheme is not a shared ownership scheme so will not be discussed in this section

The New Build HomeBuy Scheme was recently introduced as part of the HomeBuy Scheme, Under the New Build HomeBuy Scheme priority is given to first time buyers and council tenant who wish to buy their own home. This scheme is generally carried out by housing associations local to certain areas. It is currently available throughout England, and is mainly for newly built properties.Under this HomeBuy scheme you are able to purchase a share of the new property and pay a special discounted rent for the remaining share. You will be able to purchase between 25% and 75% of the value of the house, this depends on your local authorities however you have the ability to increase the amount you own at different stages when ever you require, but usually these are sold in blocksof 10% or 25%.

Social HomeBuy Scheme is introduced by the government in 2005. This Scheme allows tenants of council or any other Social housing to buy their current home either in full or in a shared ownership method. If you buy a certain share of the home then you will have to pay an amount of rent on the portion that is owned by the government or housing association.The Social HomeBuy Scheme is mainly for those tenants who do not qualify for the Right To Buy scheme and who are not in a position to be able to buy their own home, and for existing council or other Social housing tenants who have been living with them for a minimum number of years which depends on when you started to live with them.The benefit for those who qualify for the Social HomeBuy Scheme is that there is an added discount to the price of your home. The maximum discount you may get under the Social HomeBuy Scheme will be a sum of between £9000 - £16000; this also depends on the location of your property and the initial purchase proportion.

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Commercial Shared Ownership

Commercial Companies are now offering the option to all potential purchasers and they have total freedom in what they offer, which means that the buyer will have a wider variety of options, which could include schemes that are similar to both the Home Buy Schemes.They offer a much wider choice of properties and flexibility in terms of the structuring of the finance. How ever the downside, is that there are no strict government regulations governing them unlike with the case of housing associations.Getting Shared Ownership Eligibility with Commercial Companies is slightly different to that with housing associations. They will be more focused on ensuring that you have sufficient funding to pay the Mortgage you take out and the rent that they charge for the property.When doing these calculations the company will normally use the total monthly payments of both the rent and the Mortgage as a way of assessing affordability. If you have an income which is less than £20, 000 these schemes may not be suitable for you,

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Shared Ownership Mortgages Frequently Asked Questions

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