Fed up with bidding or banding?
Ever wondered what shared ownership is?
Do you want to know what routes exist for possible home ownership?
GreenSquare currently offers four routes into home ownership. We can no longer prioritise applicants unless they are in the MOD. Otherwise its based on a first-come first-served basis. All four options are designed to help you achieve home ownership over the long term. If you, or any of your friends and family would like to find out more, just email firstname.lastname@example.org for further information.
The most suitable low-cost housing option for you depends on various criteria, including your personal circumstances and affordability. To be considered for any of the categories below you need to register with www.helptobuysouth.co.uk
As long as your total household income is under £80,000 a year, you can be considered for:
Shared ownership is a part buy, part rent scheme, where you purchase a share of a newly-built home, usually between 25% and 50% and pay a subsidised rent to GreenSquare on the remaining percentage. This is a very flexible solution because you can buy more shares when you can afford to and often continue until you own the property outright. In order to raise a mortgage to purchase your property share, savings will be necessary for a deposit. typically this varies between £3000 and £6000 depending on price and share bought.
A resale property is simply a shared ownership property that has been offered again for sale. In this case you can simply buy the same percentage share as the current owner (the person selling). As with new homes, you can also buy more shares when you can afford it, thus giving the option to own outright later.
For all those who don’t have sufficient savings for a mortgage, rent to Homebuy is a great option. It’s a kind of ‘try before you buy’ product and is proving very popular. People receiving Housing Benefit are not eligible for this product because it aims to suit all those who, for example, earn too much for social housing (‘affordable’), but who struggle with rental costs on the open market. It offers new homes to rent for a specified number of years with the expectation that you’ll be in a position to buy a share of your home at the end of this rental period. Residents sign up for an assured shorthold tenancy and pay just 80% of an average private let, which enables them to save regularly towards their goal of shared ownership.