Housing associations own a number of properties which can be purchased on a part rent/part buy basis. These are usually new build properties and are advertised on the BFC My Choice website. Shared ownership resales are also available.
Shared ownership enables home buyers to purchase a share in a property with their own deposit and mortgage, and pay rent on the share that they don’t own. The initial percentage share which can be purchased may range from 25% to 75%. Further shares can be purchased in installments of 10% or more when the home owner can afford to do so.
How do I qualify?
The eligibility criteria for purchasing a shared ownership property may differ from scheme to scheme. However, the following criteria give an idea of what is required.
- be a UK citizen
- be in employment
- earn between £20,000 and £60,000 per year (although some schemes require a minimum income of £26,000 per year)
To find out more about how shared ownership works and what you may be able to afford, contact the Welfare and Housing Service.
More information about shared ownership and other low-cost home ownership options in Bracknell Forest can also be found on the Help to Buy South website.