Basic Truths About Shared Ownership In Bromley
Shared ownership is a government based criteria whose main aim is to help people, especially first time property buyers, to set a foot on the property ladder. It is also commonly known as part buy part rent. Shared ownership is slowly becoming one of the most affordable options of home ownership. Shared ownership allows one to purchase a share of the property they are interested in, while also still paying an affordable amount of money on the remaining amount. The paying of the remaining share so as to increase the share you own is called stair casing.
With shared ownership you buy as much property as you can afford at a reasonable duration of time. This helps people not stress their finances just because they want to own a house.
For one to qualify for shared ownership in Bromley:
· Must have attained the age of 18 years
· The annual household income should be less than 60,000 Euros but for Bromley it is at 71,000 Euros for a one or two bedroom house and 85,000 Euros for a three or more bedroom house.
· Should be a first time property buyer, you should not have another home under your name.
· You cannot afford to buy a house that suits your needs on the open market.
Shared ownership helps people in Bromley to get on the housing ladder since:
The monthly mortgage and rent are normally cheaper than buying the entire property at once. At times the cost of shared ownership is similar or even less compared to renting. A first time property buyer may not have all the money required to purchase an entire property but with shared ownership they are able to purchase property.
It is an affordable method of owning a house. Buying a house in the open market can be really expensive for a common citizen in Bromley, but with the help of the shared ownership scheme, this load is simplified making it easy to set foot on the housing ladder.
For people working with the ministry of defense in Bromley, London have an added advantage to easily get on the housing ladder using shared ownership since they are given the first priority to own homes in designated areas in Bromley. Hence with the advantage of working for the government you get on the housing ladder.
Most housing associations in Bromley proudly offer to provide homes on shared ownership terms. They also guide anyone interested through the entire shared ownership process and help you find an affordable and suitable home.