Eligibility

You could be eligible for shared ownership if:

• Your household income is between £25,000 and £80,000
• You cannot buy a property on the open market for a variety of reasons
• You meet the local authorities eligibility criteria

Examples of top level of priority groups 

• Current social housing tenants / serving military personnel
• First Time Buyers who are currently living in the local authority area, who are eligible to go on housing list, and who have lived in area for more than 5 years
• First Time Buyers who work in the area

The above are examples, and other priorities may apply depending on the development.

Shared Ownership

Shared ownership is an affordable housing scheme where you can part buy and part rent your home.

In the future, you can purchase additional shares (at the market value at the time) until you own 100% of the property.

You will need a mortgage and deposit for your share, and you will pay an affordable rent on the remaining share that B3@Home continues to own. The minimum initial share you could purchase is 25% and the maximum is 75%. However the shares you can purchase will depend on each individual development.

We assess applications on an individual basis and we will discuss with you the maximum share you can afford.

How is the rent calculated?

Rent is calculated based on the value of the share retained by B3@Home at the time of your first purchase. The annual rent is set at between 2.5% and 2.75% per annum of this value.

For example – you buy a 50% share in a property valued at £200,000. The value of the equity retained by B3@Home is £100,000.

£100,000 x 2.5% = £2,500 per annum, or £48.07 per week.

When can I buy more shares in my property?

You can purchase additional shares in your property after 1 year from your initial purchase. You can eventually own the property outright and this is called 'staircasing'.

The cost of any further shares will be based on the open market value at the time you apply.

If you do buy more shares, the amount retained by B3@Home will reduce and your rent will be reduced accordingly.