If your are unable to buy a home on the open market, Shared Ownership offers you the chance to buy a share in a home, usually between 25% and 75%. You will pay rent on the remaining share. Later on, you can buy further shares or sell the home and move on.
With Shared Ownership you can buy a newly built home or an existing one that the current owner is selling. You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings if you are unable to obtain a mortgage.
You could buy a home through Shared Ownership if:
- Your household earns £80,000 a year or less
- You’re a first-time buyer, or you used to own a home but can’t afford to buy one now.
- You have no outstanding credit issues
Councils with Shared Ownership home-building programmes may have priority groups, based on local housing needs, such as people already living or working in the area.
bpha Ltd, a housing association based in Bedford, have a high number of shared ownership homes in Milton Keynes that often come up for resale. They will also from time to time build some new shared ownership homes in the area. The bpha sales team can be contacted on 0845 456 6757.
To view all available shared ownership homes please contact the relevant Help to Buy Agent. The Help to Buy Agent for Milton Keynes is Help to Buy East & South East or 0333 3214044
Last Updated: 30 November 2017