£2,000 can now get you into UK property ladder under shared ownership

The Government has announced changes to the shared ownership scheme which should make it easier for first-time buyers to get their own homes.

Housing Secretary Robert Jenrick has said that first-time buyers will be allowed to buy a stake of 10 per cent, which will then be upped in 1 pc increments.

Property photo

Housing Association tenants on the lowest incomes are now being given the chance to get onto the property ladder thanks to a new version of the shared ownership scheme.

Under current rules, Housing Association tenants renting a home worth £200,000 can’t buy a share of that property.

But with the new Right To Shared Ownership scheme, tenants will be able to buy an initial 10 pc stake worth £20,000, while paying subsidised rent on the remaining 90 pc of the property.

Under the new scheme tenants will be able to make up the 10 pc stake with a £2,000 deposit and an £18,000 mortgage.

Chief Executive of NAEA Propertymark, Mark Hayward, said: “Now that the measures on shared ownership have been confirmed, thousands of consumers will welcome the opportunity to increase their share of ownership more easily and to simplify the process by which they can sell their homes.

You can buy a home through shared ownership if your household earns £80,000 a year or less (or £90,000 a year or less in London) and any of the following apply:

  • you’re a first-time buyer
  • you used to own a home, but can’t afford to buy one now
  • you’re an existing shared owner

Source: Manchester Evening News

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

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I am a Property/Energy Consultant TA DenEco Consultancy - www.deneco.co.uk: A friendly, energetic and adaptable individual with keen interest and aptitude for learning and motivating others, with great academic skills and work experience in both Life science and Environmental Management, seeking an opportunity to use his proven flair for teamwork and creativity in Property Purchase, Energy Efficiency, Environmental management for sustainable development and growth in any related sector or industry. I help individuals, businesses, SMEs and corporate clients save or make money in regards to Property investment, energy efficiency, environmental management solutions. The foundation of my experience is environmental protection. I have a passion for helping people, businesses and corporate organization achieve their dream through Property Investment and become more efficient and effective in their energy, and environmental management. I get satisfaction from knowing that the work am doing is helping make/save money and the environment.  Contact us @ www.deneco.co.uk Outside of work you can find me spending time with family, studying and researching for new opportunities and continuous development. Specialties: Property Investment, EPC provider, Energy Efficiency, Environmental  management.

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