What is Shared Ownership?
Shared Ownership* is a affordable way to get onto the housing ladder for first time buyers and those who don’t own a home.
Tilia Homes is working in partnership with a couple of agents to offer shared ownership on selected properties across the country.
Shared ownership mortgages
If you don’t have the cash available, you’ll also need to apply for a shared ownership mortgage to cover the amount you intend to borrow.
Not all lenders offer these mortgages though so you may need to shop around. Also the deposit rates required can vary – however as a rule of thumb you’ll typically need a 5% deposit for these mortgages.
Who is eligible for shared ownership?
The eligibility criteria for shared ownership can vary depending on the provider and property, but here are some of the more common examples:
- Your combined yearly income must be below £80,000 to be eligible for the Shared Ownership scheme.
- You do not currently own a home.
- You must be at least 18 years of age.
- You must have proof you’re not in mortgage or rental arrears.
- You have a good credit history.
- You’re not able to purchase a home suitable for your needs on the open market.
Shared ownership providers?
If you’re interested in purchasing one of our quality new build properties at one of our developments, then you’ll be pleased to know we also have our own shared ownership schemes for you to consider.
We have partnerships with two providers, Sage Housing and Heylo with whom we have shared ownership schemes available. With the latter, the part-buy-part-rent option is called Home Reach and you can click on the two providers below to find out more.
These scheme is currently available on a number of our developments - see below.