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Shared Ownership and Affordable Housing
Housetrade.co.uk is a centralised site offering an easy step by step process to buying or selling shared ownership properties so you speak to the right people at the right time and have access to the required support. This includes; links to housing associations, list of available properties from these associations and individual sellers, guides showing you which properties meet your criteria, affordable housing mortgage brokers, specialised solicitors and dedicated service providers to guide and support you through the buying and selling process. We know this can all be a bit confusing especially for first time buyers, you may be asking yourself what is shared ownership, what is affordable housing and what do I do? Here are a few simple steps to using Housetrade.co.uk;
Step 1 Step 2 Step 3
How to Buy a Shared Ownership Property
Affordability - You must apply and be approved to be able to buy or rent shared ownership property and affordable homes in England by means of an affordability assessment and application. Inside London the Housing Association you are purchasing a share from look after these applications, whereas across the rest of the UK government appointed Help to Buy Agents look after geographic areas. If you have previously applied for help into home ownership for cheap houses and low cost homes you do not need to apply again. The threshold for household income is a gross household income of no more than £66,000 per annum when eligible to purchase or rent a one or two bedroom home or no more than £80,000 per annum when eligible to purchase or rent a family sized home (three or more bedrooms).
Follow this step-by-step Guide to buying a Shared Ownership Home:(Click here to see steps)
- Register with local HomeBuy agent for shared ownership schemes (HomeBuy Agents are government appointed to handle enquiries).
- Obtain an Agreement in Principle - contact our shared ownership mortgage lenders here to obtain a free no obligation agreement in principle for a mortgage (usually involving a credit check).
- Select which shared ownership properties you are interested in - speak to the Housing Association who fulfil qualification and complete affordability application and eligibility questions over the phone and put you in contact with the seller to view properties.
- When you have found a property you like and are eligible for - (or the housing associaiton contact you to formally offer a property) you will usually then need to pay a reservation fee confirming all the property details share price etc.
- You can now submit a full mortgage application through our panel .
- At this point you should appoint a solicitor - our specialist panel of shared ownership solicitors are on hand.
- When your mortgage application has been submitted - the lender will perform necessary checks and instruct a valuation and if this passes you will receive a formal mortgage offer.
- Now it is just down to the solicitors to finalise the legal steps and you are ready to move into your new shared ownership home.
Second Hand Resales - Click here
Housetrade is in the process of attracting increasing numbers of Housing Associations, Registered Social Landlords (RSLs), Registered Providers and Homebuy Agents to advertise any resale properties offered through shared ownership schemes. Our marketing services provide the best chance of achieving a sale without the need to staircase up in order to sell your home.
Help To Buy - Equity Loans
You may have heard on the news recently announcements regarding Help to Buy, this is the governments new name for affordable housing schemes. The newest scheme introduced is the Help to Buy Equity Loan from the Homes and Communities Agency (HCA). Help to Buy - equity loans are offered on participating new build homes. The loans are available to all home buyers (not just first time buyers) who want to buy a new home and can sustain mortgage repayments, but are struggling due to deposit requirements from mortgage lenders. The equity loans are up to a maximum of 20% of the purchase price funded by the Government through the HCA. Help to Buy - equity loans will run from from April 1st 2013 until March 31st 2016 (or earlier if all of the funding is taken up) in England from house builders registered to offer the scheme. For information on other Help To Buy Ownership Schemes such as Shared Ownership see our Help to Buy - Ownership Schemes guide.
NEW - Online Estate Agent package
Open to individual sellers, Housing Associations, Developers, (RSLs) Registered Social Landlords and Registered Providers this new online estate agent service enables shared ownership properties to be marketed through the website and also appear on some of the UKs largest property portals under affordable housing. Housetrade partners with all the required service providers.