Thinking of buying a property - SmartShare has thousands of properties to buy or rent across the UK
Part buy part rent is also known as 'shared ownership' and is now referred to as 'New build HomeBuy' (the Government's affordable housing initiative). The schemes were introduced as part of a range of low cost home ownership products for people who wish to buy a property but cannot afford to, or wish to rent a property but cannot afford market rent.
The part buy part rent scheme gives you the opportunity to 'part buy' a share of your new property and pay 'part rent' on the remainder at a discounted rate.
This means you own a stake in the property or a share in the equity of that property using either a mortgage and/or savings.
When you are able to afford it, you may wish to purchase additional equity, this is often referred to as 'staircasing’.
After you have completed an affordability check to see how much you can afford, you will be able to buy a share of the property.
Usually the amount of equity available to purchase ranges between 25 and 75 per cent and is dependent upon various factors including a property valuation and your affordability.
the amount of rent that pay each month is based on the percentage that you do not own. For example, if you purchase 30 per cent, you will pay a discounted rent on the remaining 70 per cent.
You will own an equity of the property on the basis of a long lease, usually 125 years and will have the normal rights and responsibilities of a full home owner.
The largest selection of part buy part rent properties in the UK is on the SmartShare website.
Click on the arrange viewing form and complete the short three step form. The details are sent directly to the housing association who will assess your eligibility. They will then get in touch with you directly.