The first step in buying a home with Shared Ownership is to assess your eligibility.
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Shared Ownership near Plymouth
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Local properties near Plymouth
The vibrant city of Plymouth is a great place to set up close to for home, especially for those who are attracted to the coast and want access to the best of the great outdoors close to their doorstep. Setting up near Plymouth offers an excellent quality of life with access to natural beauty spots, high-quality education, job opportunities and affordable housing options. The city has miles of stunning coastline, a rich history, and exceptional amenities including two universities, easy access to national parks and a wide range of shopping and eating destinations. With a ferry port, train station and an airport, travelling to or from Plymouth is a breeze, while it hosts multiple musical and cultural events throughout the year.
Explore our homes available near Plymouth
- Situated on the south coast of England, in the county of Devon, Plymouth’s population of some 264,000 people make it one of the largest cities in the region.
- Plymouth remains a popular tourist destination, thanks to its stunning coastline, historic landmarks and excellent variety of attractions. Equally, people are increasingly drawn to the area for these very reasons and for the outdoor lifestyle on offer.
- Plymouth has a range of top-class educational institutes, from primary through to universities, with both state-funded and independent options.
- Plymouth is linked to Exeter and the M5 motorway via the A38, while other main routes link to the surrounding areas. It also has a direct rail service into London Paddington and Bristol, as well as other major cities and local destinations.
- Derriford Hospital is one of the largest NHS hospitals in the region. It is established as a major trauma centre for the South West and covers emergency care, critical care, surgery, maternity care and cancer care.
The Shared Ownership scheme is simple, you buy an initial share of between 25% and 75% of the apartments full value and pay a subsidised rent on the remainder.
You may purchase further shares (up to 100%) as your circumstances change, should you choose to.
You can purchase any share from 25% to 75% of the initial purchase price, but some properties may carry specific minimum share restrictions. You will be asked to speak to a financial advisor to assess what share you can buy that is both affordable and sustainable.
How to buy a Shared Ownership home: a step-by-step guide
Search for available properties on our website here. Once you’ve found a property you’re interested in, you’ll need to arrange a viewing.
To find the ideal home that suits you, it’s best to see the property yourself. Book an appointment with us here to arrange online or in-person viewings.
Speak to a qualified independent financial adviser to see how much of the home you can buy.
To secure the property you’ve fallen in love with, complete the application paperwork and pay the reservation fee.
With the reservation complete, you’ll need to instruct a solicitor and begin your legal paperwork to purchase the property. We make the process as smooth and seamless as possible, including breaking down technical terms with our jargon buster.
Alongside the legal paperwork, you need to find a mortgage that suits you and complete your mortgage application. You can either do this yourself or use a mortgage broker. Your lender will carry out affordability checks to ensure that you can afford the mortgage repayments. See our affordability calculator to understand what you can afford.
With the mortgage in place, get ready to sign on the dotted line and pay your deposit. This is an exciting part of the process where you’re really close to your dream of homeownership.
It’s time to exchange contracts, which are legally binding agreements between you and us for the purchase of your property. You will also find out more about your completion and move in date during this stage of the process.
Congratulations! You can now move into your new home and make it your own.
You’ll still need to pay rent on the remaining share of the property you don’t own. The rent is usually set at 2.75% of the share that you don’t own. You can also choose to increase your ownership share over time, a process known as staircasing.