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Shared Ownership

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 your share  to another household, nominated by your landlord or local council, or you can staircase to 100% and sell it in the normal fashion.

Northumberland Homefinder will advertise some homes available for shared ownership in the county.  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.