Shared ownership Essex is a government backed initiative which helps people, more specifically first time buyers to get onto the property ladder. Shared ownership Essex allows first time buyers to purchase a share of a property and then pay rent on the remaining share; this means they will get to own part of the home. This means they can purchase further shares of the property at a later date. There are requirements which make you eligible for shared ownership and you must meet all of these requirements. You need to be either a first time buyer or already be a shared owner, however there are some other circumstances that are accepted; also you mustn’t be able to purchase a property which is suitable for your needs on the open market. You need to be at least 18 years old and also your household needs to be under £80,000, unless you live in the London borough which means it would need to be less than £90,000. Moat is an association which employs over 300 people and provides homes in thriving communities in the South East of England. They have been doing this for over 40 years. Moat Homes is a leading housing association working in the south east of England. The provide quality homes across a range of tenures; they are very proud of this and enjoy doing this. You can use their search facility on their website to browse through homes available for shared ownership sale and intermediate market rent. They make sure to frequently up date details of homes available on their site, this is so they can make sure you get the best property for you.
Shared ownership allows individuals to have the option of purchasing more shares of a property later on. When purchasing shares of the property you can purchase as little as 10% per transaction, as you only get three transactions you want to gain 100% ownership within those three transactions; the shares will be purchased at current market value. Each time that you purchase a share of the property, the rent that you have to pay will reduce according to the new percentage that you own. Once you manage to reach complete ownership of the property, you will n o longer have to pay rent on it. Purchasing a property can work out to be a lot more expensive than renting and paying mortgage which is why shared ownership Essex is ideal. This is why it’s best that before you make a decision you spend time working out all of the different costs with an independent mortgage advisor. When working out all of the different costs, make sure you pay attention to other costs that will be involved and may have an impact on your decisions such as mortgage arrangement fees and legal fees. They don’t provide the mortgage this must be done from a high street lender.