What is Sage Ownership?
The Shared Ownership scheme is a Part Buy, Part Rent way of owning your own home for a smaller upfront payment. Buy the share you can afford now ( Between 25- 75% share) without the need for a large deposit and increase your ownership to 100% of the home when the time is right for you.
* Minimum equity share starts from 25% scheme dependant). Minimum 5% deposit of the share value . Shared Ownership is subject to eligibility requirements.
Who is it for?
The scheme aims to help people who cannot afford to buy a home outright. Most people who take up shared ownership are working, but unable to afford to buy on the open market.
Am I eligible?
A minimum level of income will be required, and on some developments a maximum income cap may apply, which will vary on each home.
What does it cost me?
In order you will need a deposit of 5-10% oft he share price which could be as low as £3,000, bear in mind you will also need around £3,500 one off costs involved in buying a home - for example legal fees, a valuation, mortgage fees, Land Registry and Stamp Duty.
Once you have bought, your ongoing costs include:
- You monthly mortgage repayment
- The rent you pay to Sage
- A monthly service charge for the maintenance and upkeep of common parts
-Usual household costs such as council tax, water rates, fuel charges and contents insurance
- Repairs and maintenance
Can I buy more shares?
You are able to buy additional shares at any time after you purchase your shared ownership home. Remember that the price of the property may have changed since you bought it, and it can go up and down.
What if I want to sell up?
You can sell your share in the property at any time. Sage will advice you on the process and any restrictions on the sale of the property.
What is the next step?
Choose the home you wish to purchase. once you know your affordability. Please see below the development that Sage Ownership is available on.