If you can't afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home and pay rent on the remaining share.
With Help to Buy Shared Ownership you will purchase between 25% and 75% of a property, where the government will own the remaining percentile and you will pay rent to the government on the percentile you don't own.
Later on you can always buy a greater proportion of your home from the government.
If you can't afford 100% of the price of a new home, Help to Buy Shared ownership allows you to purchase a percentage of it instead.
This is available for households with a combined income less than £90,000 and you are a first time buyer, or if you used to own a home but can't afford to buy one now, or if you are an existing shared owner looking to move.
If looking to live outside of the 32 boroughs of London Help to Buy Shared Ownership is still available but your household income will need to be less than £80,000 per year rather than £90,000
Specific new build properties are eligible for the Help to Buy Shared Ownership scheme.
Contact Foxtons to find out which properties are a part of the Help to Buy Shared Ownership government initiative.
Buy a New Home with just 5% deposit
First time buyers can boost savings by 25%