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Shared ownership

Struggling to take that first step onto the property ladder? We know that buying a home can seem impossible, that's where we can help! We have stylish new homes available to buy now on a shared ownership basis.

You get a mortgage for a share of the property and then pay Wulvern an affordable rent for the remaining share. Prices start from as little as £22,500 for a 25% share. With homes available now in Nantwich, Audley and Audlem, we can help you take a step onto the property ladder in style.

 

What is shared ownership?

Shared ownership makes buying a home more affordable. In simple terms, you buy a share of the home based on what you can afford.

Initially you can buy between a 25% and 75% share in the property and the rest belongs to Wulvern. The great thing about Wulvern’s shared ownership scheme is that once you’ve got your foot on the property ladder with your initial share, you can buy further shares in the property after 12 months and eventually buy it outright.

You pay a mortgage for the part that you own, and you pay Wulvern a small amount of rent for the rest. You can get all the security of owning your own home and you get to make a start on the property ladder, but you only have to pay a fraction of the total asking price based on what you can afford. 

 

What will it cost?

The costs will depend on the value of the home you choose and the size of the share you are buying, but here are a couple of examples based on an apartment valued at £90,000.

  1. A mortgage for a 25% share is £22,500 and you pay a monthly rent of £154
  2. A mortgage for a 50% share is £45,000 and you pay a monthly rent of £103 
  3. A mortgage for a 75% share is £67,500 and you pay a monthly rent of £57 

 

What are my rights?

Once you buy a shared ownership home, you have the same rights and responsibilities as anyone who owns a lease hold property. We don't have the right to access you home, its your private property. You also have the right to sell your share at any point. If you decide to sell your share, Wulvern has the right to buy it back first. 

 

How much will I own?

You can initially choose to buy between 25% and 75% of the home. The amount you pay for that share is based on the market value.  

After you have owned your share for 12 months you can increase your share when you can afford to until eventually you own 100% of the home. This is known as staircasing. Although you can buy additional shares, you are not obliged to do so.   

 

Talk to us today 01270 506200. 




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