Shared-ownership is a way into home ownership. If you can't afford to buy outright it offers a way to part buy and part rent a home.
As the name suggests you buy a share of the home, usually between 25% and 80% and you pay rent on the share that you don't buy. You will need to raise a mortgage for the share you are buying and the rent is normally set at an 'affordable' rate. The bigger the share that you purchase, the less rent you have to pay.
When and if you can afford to do so you can buy more shares, a process known as "staircasing", until you own your home outright. If you want to sell the property you can sell the share you own to another household nominated by your landlord or local council or you can staircase to 100% and sell it in the normal fashion.
Some of the homes in Northumberland that are available for shared ownership will be advertised through Northumberland Homefinder. To express your interest in a property you will need to be registered with our service. Click here to find out more about how to register.
Often there are restrictions about who these homes can be sold to. These restrictions are usually connected to the planning permission and intend to ensure that local people have access to low cost housing. We will tell you in the advert what, if any, restrictions apply.
At the end of the advertising period will we compile a shortlist of applicants who meet the conditions of any planning agreement. We may need to contact applicants to assess whether they could afford to buy on the open market. If you tell us that you are interested in applying for a Shared Ownership home and you meet the purchase criteria we will the pass your details to the landlord or developer. Please remember that you will need to buy a share in the property so we would always recommend making enquiries into securing a mortgage at the earliest possible opportunity.
ISOS Housing are the government's local agent for their Homebuy product. They offer a range of affordable home ownership options on a variety of developments across the area. You can visit their website at http://www.isoshousing.co.uk/homebuy/default.htm
To see the properties that we have available for shared ownership visit the Property Shop.