Homeownership Westminster

Shared Ownership

  • you purchase a share of a property with a conventional mortgage.
  • you become a leaseholder and the freehold of the block or building is owned by a Housing Association.
  • you pay subsidised rent to the Housing Association on the share you do not own.
  • initially, the minimum share that can usually be purchased is 25% of the value of the property. The maximum share that you can buy is normally 75%.
  • the combined monthly cost of the rental payment and the mortgage is less than you would pay for an open market purchase or rental.

You have the option of buying additional shares at a later date.

Shared Ownership Re-sales

  • you purchase a shared ownership property which has had a previous owner.
  • you buy the percentage share that was owned by the previous owner.
  • you can also apply to buy a larger share if you can afford to.