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Shared ownership near Banbury

Shared Ownership enables people to buy a property with a relatively small deposit.

You buy a share of your home (between 25 percent and 75 percent of the home's value) and you pay rent and fees on the remaining share. Later on, when you can afford it, you can increase your share. You have all the property to live in, just as if you had bought it outright.

Your deposit will be a percentage of your share of the asking price and can be as low as five percent. This means that you could be turning the key in your own front door in Adderbury from as little as £76,125.

Things to consider

  1. You need all the deposit to make an offer
  2. You will need a mortgage for the share you are buying
  3. Your offer is unlikely to be accepted until you have a mortgage in place
  4. Your monthly outgoings will be for the mortgage repayments and rent (usually around 2.75 percent of the property value), plus insurance, bills etc
  5. Stamp duty land tax (SDLT or simply 'stamp duty') can sometimes be deferred until your share reaches 80 percent of the property
  6. If/when you sell, your share will depend on the percentage of the property you own
  7. Your property is at risk if you do not keep up mortgage repayments and rents.

Grand Union Living is exhibiting at the HomeWard Property Fair, and Shared Ownership specialists will be launching a new development there.

They said: "We have shared ownership properties across Oxfordshire, Hertfordshire, Buckinghamshire and Bedfordshire, and will be launching a new development in Adderbury in March. However, if you attend HomeWard you will be able to get a sneak preview and chat with our staff before the official launch.

"We are also offering £500 towards legal fees to purchasers at this development (terms and conditions apply). Come and see us at HomeWard, and you could be in your new home in time for summer."

Come to HomeWard on Saturday 29 February in Tingewick Hall at the John Radcliffe Hospital to find out more.

If you would like to talk to one of the mortgage consultants, please bring along three months' pay slips and a good understanding of your monthly outgoings (e.g. student loans, store cards, gym membership, subscriptions, etc.) so that they can give you a more accurate picture of what is possible.