Shared Ownership is a scheme which allows you to buy between 25 percent and 75 percent of a new build home and pay rent on the remainder. You can buy more shares as your circumstances change and in most cases you can purchase up to 100 percent of your home.
You will need to obtain a mortgage and pay a deposit for the share you wish to purchase.
Applying for shared ownership
Any properties we have available for purchase through Shared Ownership will be advertised through South West Homes. This website has details of all Shared Ownership, Rent to Homebuy and Intermediate or Affordable Rent properties available from landlords in the South West area.
As Elim Housing is not currently developing any new Shared Ownership properties, any advertised will be homes for re-sale. These are properties which have been previously been purchased through Shared Ownership and the current occupier is selling their share of the property.
All properties advertised will include details of who to contact for further information.
If you are looking for a shared ownership home outside of the South West, check the Homebuy website to find your local agent.
Eligibility for Shared Ownership
To be eligible to purchase a shared ownership property you must:
- Have a household income of less than £60,000
- Not be able to afford to purchase a home on the open market which is suitable for your housing needs within a reasonable distance of your work place
- Have sufficient funds to pay a deposit, legal fees, stamp duty and other costs of moving
- Be able to sustain home ownership in the longer term
- Not already own a home or be named on a mortgage
- Have a good credit history.
Other criteria may apply to individual properties.