How does it work
You can buy a share in a home between 25% - 75% and pay rent on the share you don't own. The higher the share you buy the less rent you pay. Most people finance this by securing a mortgage on the share they want to buy although in some circumstances you may buy your share outright with cash. You then pay rent on the remaining share. Livin will retain ownership of the share you don't buy.
Stage 1 - check you are eligible
To be eligible for a shared ownership home you must meet the following criteria :
Your household earns less that £80,000 per year
You are a first time buyer or used to own a home but cannot afford to buy one now
Able to obtain a mortgage and/or savings for your share (deposits are typically 5-10% although may be higher in certain circumstances)
- Your income is sufficient to cover the mortgage (if applicable), rent and service charges
Arrange a viewing
You can arrange a viewing or contact our Sales team to find out more about any of our shared ownership homes at any stage of the process.
Call us on 01388 424673 or email firstname.lastname@example.org
Stage 3 - what can you afford?
If you are eligible to progress we will then undertake a financial assessment to determine what share you can afford to purchase. We will provide a breakdown of your rental costs and we recommend you seek independent advice to arrange your mortgage. Your mortgage advisor will provide costs on these payments. You will need to provide us with proof of your income, expenditure and a copy of your credit report.