REGENERATING PLACES - LESSON 8 - SHARED OWNERSHIP & HELP TO BUY Flashcards
What is shared ownership
You buy a share of your home (between 25% and 75%) and pay rent on the rest
What eligibility criteria are there for being applicable for shared ownership
You can buy a home through shared ownership if your household earns £80,000 a year or less (or £90,000 a year or less in London) and any of
First time buyer
Used to own a home, can’t afford to buy one now
Existing shared owner
How many homes are the government set to build by 2020
135000
How many households in the UK a are in shared ownership
200,000
What % of the English housing stock does Shared ownership form
0.4%
How does Shared ownership work for older people
Shared ownership properties are always leasehold
If you are 55 or over, you can buy upto 75% of your home through the Older People’s shared ownsership (OPSO) scheme
Once you own 75%, you won’t pay rent on the rest
How does Shared ownership work for disabled people
You can apply for Home Ownership with a Long-term Disability (HOLD) if other Help to Buy scheme properties dont meet your needs, eg. ground-floor property.
With this scheme, you can buy upto 25% of your home
What is the eligibility to acquire a help to buy equity loan
Be a new build
Purchase price upto £600,000
Only property you own
Not sublet or rent it after purchase
The one that you show you cannot afford
How does the help to buy equity loan work?
you need a 5% deposit
Government will lend you upto 20%
Mortgage for the rest
Buy from a registered help to buy builder
What is the structure for the equity loan fees on help to buy
You will have to pay equity loan fees
fees, but not for the first 5 years
6th year, fee of 1.75% of loan value, increasing each year by 1%
H2B agent will set up monthly payments
Fees don’t count towards paying back the loan
