You can buy a home through the shared ownership scheme if you cannot afford all of the deposit and mortgage payments for a home that meets your needs.
You buy a share of the property and pay rent to a landlord on the rest.
When you buy a home through shared ownership, you:
buy a share between - in the Chesterford development you can buy a share of 40% or more of the home's full market value
pay rent to the landlord for the share they own
usually pay monthly ground rent and service charges, for example towards the maintenance of communal areas
Buying your share
The share you can buy is 40% or more.
You can take out a mortgage to buy your share or pay for it with savings. You'll also need to pay a deposit, usually between 5% and 10% of the share you're buying.
All shared ownership homes (houses and flats) are leasehold properties.
Who can apply
Priority will initially be given to anyone with a local connection to the Uttlesford district. A household income of £80,000 a year or less is required to be eligible to apply for the properties.
