What is shared ownership?
Shared ownership is a way of getting onto the property ladder. You buy a share (between 10% and 75% depending on the lease and your affordability) usually with a mortgage and pay rent on the remaining bit.
Let’s face it, getting on the property ladder isn’t getting any easier is it? Saving for a large deposit and even getting accepted for a mortgage that’s enough to buy the home you want could be pie in the sky, right? Enter - shared ownership, the affordable property buying solution.
With shared ownership, you buy a share (usually between 40% to 75%) making it more achievable to buy a home in the area you love and pay Aster rent on the remaining bit.
If you decide to do so, you can buy more shares (called staircasing) which may eventually lead to outright home ownership (in most cases, just ask our team first). So, you get the home that you want, for a price you can afford, through a repayment that’s achievable.
No longer do you need to worry about hefty deposits, with shared ownership you can get yourself on the property ladder with minimal stress.
Forget about having to scrape together a large deposit, shared ownership works by allowing you to purchase a share of a home – usually between 40% and 75% in order to make it more affordable (in some cases, you can even buy as low as 25%).
Not only does this mean you only pay a mortgage on the share that you've purchased but you usually only need to raise a deposit on the share of the property you are buying, as opposed to the full property price. Which can be as low as 5%! You then pay a below-market rent on the rest of your sparkly new home to the friendly folk at Aster.
Read more about how shared ownership works here.
There's a few bits and pieces you need to tick to be able to buy a shared ownership home, but not much. These are:
The first step in buying your shared ownership home with Aster is to contact us, either by filling in the contact form below or over the phone.
Beginning your journey to shared ownership is not as daunting as you may think, once you know if you meet the criteria you can begin searching for suitable properties. Once you have found a home, you will of course need to ensure you meet the required criteria and be approved for a mortgage - however Aster can advise on this as you progress.
Shared ownership is a way of getting onto the property ladder. You buy a share (between 10% and 75% depending on the lease and your affordability) usually with a mortgage and pay rent on the remaining bit.
You usually only need a 5% deposit based on the percentage share that you buy. So, if you were to buy a 25% share in a £300,000 property (£75,000), your 5% deposit would be just £3,750. Find out what deposit you need to put down for your shared ownership home.
Like any other form of home purchase there are a few costs involved, but nothing we can’t walk you through. Find out more about the associated costs of shared ownership here.
Affordability
You only need as little as a 5% deposit to live in your dream home.
Staircasing
You can buy more of your property when the time is right for you, staircasing allows you to move up the property ladder by slowly increasing the shares that you own in your home.
Location
Think you can’t afford to live in a location you love? Think again, shared ownership allows you to stay in the area you want to with an affordable route into home ownership.
3,600 +
The number of shared ownership properties within our regions (and counting!) that provide our shared owners their very own home sweet home.
5%
Your deposit can be from as little as 5% on the share of the property you are buying with shared ownership.
2,000 +
Since the beginning of the year our team have answered over 2000 enquiries over on live chat.
You can speak to our team on live chat by hitting the blue chat button in the bottom right hand corner.
Shared ownership costs are generally lower than alternative housing options for a number of reasons; it's great for people who have the goal of buying their own home but do not have the funds to buy on the open market.
With shared ownership you usually only require a much smaller deposit. Which can typically be as low as 5% based on the share of the property you are buying and not the whole property value.
With Aster, once you have purchased your shared ownership home, you can purchase more shares at pretty much any time. This is called staircasing and you can find out more here.
Shared Ownership is a great way of getting on the property ladder, but don’t just take our word for it. Here’s some of our wonderful customers explaining their situation and how Shared Ownership from Aster has helped them. These are just some of over 3,180 home buyers that Aster has helped realise their property ownership dreams.
Tiana's story
Lauren's story
Toby & Sam's story
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