The first step in buying a home with Shared Ownership is to assess your eligibility.
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Shared Ownership in Preston
Explore affordable Shared Ownership properties and developments in Preston
Local properties in Preston
In the northern region of England, in the county of Lancashire, is the little city of Preston. Despite being less well-known and less populated than surrounding major towns like Liverpool or Manchester, it is charming and offers a wide range of activities. Preston, which is located on the River Ribble, has a lengthy history with origins in Roman Britain. As a result, this is a perfect location for those seeking a life away from busy cities and into quaint small towns.
- A family friendly area with excellent schools and amenities close by including Preston Uclan Sports Arena which is perfect for fitness lovers.
- Excellent access to the motorway network with M6 links to Manchester, the North and South.
- The stunning Lake District and its National Parks is only 45 minutes’ drive away.
- 20 minutes’ drive away from the Fylde coast and its several beaches and attractions.
- Bus routes are regular and Preston train station is only a 5 – 10 minute drive away.
- Crossing through Cottam is the Guild Wheel which is a 21 mile circular route that can be ridden or walked in any direction for as far as you want. You can join the route at any point on the way. The route is mainly off-road and traffic free, providing a scenic and safe cycling and walking route for all the family to use.
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
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.