Buying is more affordable than you think with Shared Ownership.
With shared ownership from LiveWest you can get a foot on the property ladder in a brand new home for sale on a part buy / part rent basis.
How does shared ownership work?
With shared ownership, you have the opportunity to buy a share of between 25% and 75% of your new home’s value. You then pay an affordable, subsidised rent on the remaining share. You may need to raise a mortgage to purchase your share. If you have a large deposit or equity from the sale of a property, this can also be used towards purchasing your share. Download our useful guide to shared ownership. Find out more from our Guide to Shared Ownership.
What are my options after buying?
You can buy additional shares at a later date until, in some cases, you own 100% of your home if you wish to. This is called staircasing. The cost of the additional shares is based on the market value of the property at the time that you purchase the shares. If you increase your share in the property, your rent is re-calculated and reduced proportionately. To understand your responsibitiies when buying a shared ownership watch this short video here.
If you want to resell your Shared Ownership home please contact the LiveWest Sales team on 01392 814 637.