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If you can save up a lot (or if you've already got a lot in your savings), it might be worth buying a bigger share, as this will lower your rental payment. If you've got less disposable income and less already in your savings, it might be realistic to aim for something closer to 25%.
Hear this out loud PauseThe agency stipulates that a minimum of 25% of an applicant's net wage and 2.5x their gross income should be used as a minimum towards home ownership. There is also an upper limit of 45% of their net wage and 4.5x their gross salary to ensure long term sustainably. These caps are absolute limits and cannot be breached.
Hear this out loud PauseStaircasing is the process of buying more shares in your home, until you own 100% of your property. If you've purchased a house with a standard lease, you'll usually get the freehold once you buy 100% of the shares.
Hear this out loud PauseShared owners have a fixed-term assured tenancy with a social landlord, called a Private Registered Provider of Social Housing. Because the initial fixed term is at least 99 years, it is classed as a long lease.
Hear this out loud PauseShared ownership properties are usually leasehold, meaning that shared owners are leaseholders. This legal contract with the housing association is called a lease, and it makes them the homeowner. The lease states how long the lease is for, what the costs and fees are and the responsibilities of the homeowner.