If you’re looking to buy a home in 2022, Shared ownership is a great place to start. While there are now many ways you can buy your first home, knowing just how to get on the property in a way that suits your finances can help you make that big step in 2022. Shared Ownership offers it’s buyers many benefits but you should always consider what’s best for you and your future. With its flexibility to first time buyers, it’s well worth considering if you’re looking to get on the property ladder in 2022.

Low Deposits

One of the best reasons to buy your home through shared ownership is the low deposits it offers. Deposits can often be the biggest hurdle when it comes to buying a home, but with shared ownership, this is taken care of. Shared ownership allows you to buy shares of your home meaning you only have to put down a deposit on the share you want to own. Shares can be between 10% and 75% of the home and this can mean you only put down a deposit on 5% of the 10% share you want to own.

Buying more of your home overtime

Instead of getting a mortgage for the entire value of the home all at once,shared ownership allows you to gradually increase the mortgage and reduce the amount of rent you pay. This is called staircasing and it means you can eventually own your entire priority whether you live in a shared ownership property in Hackney Wick or Manchester. It also means you don’t have to get a heft mortgage at the very start so you’re more likely to be accepted for the mortgage you need. Shared Ownership essentially allows you to climb the property ladder without moving anywhere at all which can be a move if you’re looking to stay in the home long term.

Living in London

Another key benefit of shared ownership is you can find a home in a highly sought after area without worrying about the cost. Shared ownership has become increasingly popular in London for the low deposits and savings it offers first time buyers looking to move away from renting alone in the area. As part of the Homes for Londoners scheme, living in London is made a lot easier with shared ownership. And with shared ownership properties in Newham to West Drayton, there’s plenty of choice both in size, style and location.

New Developments

With shared ownership, almost all homes are built completely new so you can be sure to feel as though you’re living in luxury even if you’ve spent a very small amount on the deposit. With opportunities like shared ownership homes in Dartford, you can move to one of these bespoke new apartments in areas newly designed around the lives of young professionals. With plenty of green space, great city connectivity and a plethora of bars and restaurants, you’re really onto a winner with shared ownership.

Offering flexibility as well as plenty of choice and a lot of weight off your shoulders when it comes to finances, shared ownership is a great choice for many and available across the UK.