In late December 2022, a new scheme was launched via the Governments’ Department for Levelling Up Housing and Communities, allowing tenants to access the new Right to Shared Ownership Scheme which in turn allows them to buy a share of their property worth between 10% and 75%.
Who is eligible?
Tenants will be eligible if they have been in social housing for three years, their property was built under the Affordable Homes Programme 2021-2026 and have already lived in this property for a year.
As this is a limited market so far, the government states this option will become available to more tenants in the coming years.
Is it Similar to Previous shared Ownership Schemes?
Yes, in short, Shared Owners can gradually increase the equity stake in their home. Similar to other Shared Ownership Schemes currently available they have the option to eventually buy a 100% share of their property. By owning more of a share, different mortgage rates become available therefore reducing the financial impact of owning a home.
If you feel like this scheme would benefit you and would like some advice, get in contact today!
