Shared ownership
Buying a new home in London is now beyond the means of many local people.
Shepherds Bush Housing Group has a low-cost home ownership programme which helps those who cannot afford to purchase homes on the open market.
What is part buy/part rent?
We are able to offer new homes to own on a part buy/part rent basis. Part buy/part rent options come in the form of a Government funded scheme called New Build HomeBuy (formerly shared ownership) that gives you the same rights and status as a homeowner.
This means that you purchase a mortgage for a percentage of your home and pay rent on the remainder. The rent is paid to Shepherds Bush Housing Association.
How does part rent/part buy work?
The scheme allows you to purchase a share of a property usually from a housing association such as us. The share you purchase is funded by a mortgage which you will need to arrange with a bank or building society. The remaining share you do not own is rented from the housing association.
The size of the share to be purchased will depend on your income and savings. Normally applicants buy a 50% share but you may purchase a smaller or larger share (to start with, you can buy as little as 25% or as much as 75%). The higher the share you purchase the less rent you will have to pay. You will also have to pay a service charge when you buy a flat.
Later on, if you wish and can afford to do so, you can buy further shares until you own the property outright |