If you’re on the hunt to find your perfect HomesHub home, why not apply to buy a Shared Ownership home that is currently being sold by its original Shared Owners?
Buying a Shared Ownership home works in the same way as buying a home on the open market, so when homeowners want to move on, HomesHub help them sell their home to future Shared Owners who are keen to get onto the property ladder.
Is there any difference if I want to buy a resale home on the Shared Ownership scheme?
Applying for Shared Ownership on a resale home is no different than applying for a new-build home – you still need to complete a Shared Ownership eligibility application and you still are subject to the same affordability criteria.
Whether buying a resale or a new-build home, the Shared Ownership scheme works in exactly the same way – you purchase shares in your home up to 75%, and pay rent on the part you don’t own. Find out more about how the Shared Ownership scheme works in detail.
How do I find a Shared Ownership resale home?
At HomesHub, we list all our resale properties on the official Help to Buy website – this helps people who want to sell on their Shared Ownership home for any reason, but it also helps people just like you looking for a home that’s eligible for the Shared Ownership scheme.
The only real difference with a resale home is that it’s not brand new – someone has lived in the property before. What’s more, with a resale property, you may have to deal with an appointed estate agent rather than HomesHub when looking around the property, but we will be on-hand if you have any questions or if you want to know more about the property you’re interested in.
Am I eligible to buy a resale home with the Shared Ownership scheme?
There are certain criteria which you must meet to qualify for a Shared Ownership resale home:
– Your household earns £80,000 a year or less
– You must be a first-time buyer or have sold/have a firm offer on your current home
– Your income is sufficient to cover the mortgage, rent and service charges
You must complete a Shared Ownership Eligibility Application, which can be found here.