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Shared Ownership is an excellent way for people to take their first step onto the property ladder and become home owners. It is a tried and tested option that has been supported by the Government and by Clarion over the past forty years.
With Shared Ownership you buy a share in the property – as much as you can afford – starting from 25% and up to 75% of the property’s value. You pay a subsidised rent on the remaining share. Unlike renting privately, Shared Ownership is a secure tenure. Over time, you have an option to buy more of the property until you own 100%; this is called ‘Staircasing’.
You will need savings for a mortgage deposit of at least 5% of the share value that you purchase. The higher your mortgage deposit, the more favourable your mortgage interest rate is likely to be. Our specialist Clarion Sales teams will explain all the likely on going costs to you.
You could be eligible for Shared Ownership if: