The first step in buying a home with Shared Ownership is to assess your eligibility.
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Shared Ownership in Newham
Explore affordable Shared Ownership properties and developments in Newham
Local properties in Newham
Newham is quickly gaining popularity among young professionals seeking chic flats, fantastic retail opportunities, and a quick commute. It’s the perfect location for those looking to live close to the hustle and bustle of London at an affordable price.
Explore our homes available in Newham
- Across the borough of Newham, parents can choose from a wide variety of primary and secondary schools for their children.
- The Hammersmith & City, District, and Jubilee Underground lines, as well as the DLR, are all operational in Newham, providing commuters with a hassle-free ride to the City, Canary Wharf, and other locations. Canary Wharf can be reached from West Ham in only 5 minutes.
- Barts Health NHS Trust serves the county well for healthcare. Hospitals under the Trust include Newham Hospital, Mile End Hospital, St Bartholomew’s Hospital, Whipps Cross Hospital and The Royal London Hospital. Newham Hospital and Whipps Cross both have an accident and emergency department with excellent public transport links and outpatient services.
- Stratford’s Westfield shopping centre is a paradise for shopaholics with 280 shops and 70 restaurants spread across 2,000,000 square feet of space.
- Newham excels not just in dining and shopping, but also has a thriving cultural scene. The Theatre Royal Stratford East and the Stratford Circus Arts Centre are two fantastic places to see a variety of comedic, dance, theatrical, and musical events.
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.