Backed by the government, the shared ownership scheme makes buying a home easier. Once you have chosen a property and location that’s right for you, simply purchase a percentage of your home and pay rent on the rest.
The shared ownership scheme allows those who are struggling to save for a deposit, or on a lower income, to purchase a house on the open market. You buy a share of between 25% and 75% of the full property value and pay rent at a low-cost to Plymouth Community Homes on the remaining share. The bigger the share that you purchase, the less rent you will pay on the remaining share.
You’ll usually need a deposit of between 5% and 20% of the share you are buying and will need to get a mortgage for the remainder of the share you purchase.
Our properties are leasehold, and you will be offered a lease between 125 and 990 years. If you purchase a re-sale property you will be buying the remaining term of the lease. As a shared owner, you will be able to buy more shares and on most of our properties, purchase the freehold once you staircase up to 100%.
