How does shared ownership work?
MISCONCEPTIONS and lack of understanding often prevent people from taking advantage of shared ownership, which is why Thames Valley Housing (TVH) is re-branding its shared ownership homes as So Resi to make the concept clearer to homebuyers.
The new strapline is ‘making home ownership possible’, and the aim is to break down the complexity of shared ownership to ensure TVH has a totally transparent conversation with its customers.
Shared ownership enables homebuyers to purchase a home in their own way; starting with a share that’s right for them, with the option of buying extra shares over time, it’s manageable and suits their income.
Homebuyers typically start off by owning between 25% and 75% of their home and pay as little as 5% deposit on the value of the share, so the amount that they need to save is much lower than it would be if they bought the whole property.
Homebuyers pay straightforward monthly payments, which combine the mortgage on the share they have purchased and a payment to TVH on the rest.
They also pay a service charge and the other usual costs of running a home. Homebuyers can increase the share they own at any time; if they do this, their payment to TVH will be correspondingly lower.