Shared ownership - Ridgmount
With shared ownership, you buy a share of your home using a mortgage from a bank or building society and/or savings and pay a subsidised rent to us for the share we own.
Part own /Part Rent is a perfect solution for those that want to have some equity in a property without all the commitment. The combined mortgage and rent is usually less than you'd expect to pay if you bought a similar property outright.
Exclusivity, without full purchase price commitment
At Ridgmount Apartments, you can buy a minimum 25% share in your home. When you're ready, you can buy more shares at any time and as often as you want until you own the maximum 75% share of your home. The maximum equity you can buy in the property is 75%. Once you own 75% of the property you don’t pay rent on the remaining 25% share in the property.
Who is shared ownership for?
Shared ownership is a great option for those who aren’t able to buy a home outright and who would like to live in a development exclusive to those aged 55 and over. Ridgmount Apartments is an age exclusive development for those aged 55 and over.
Minimum and maximum levels of income also apply and you'll need to have at least 10% of the share price as a deposit if you need to secure a mortgage. You'll also need to cover the one-off costs involved in buying a home such as legal fees, mortgage fees and stamp duty.
Can I sell my share?
You can sell the share you own in your home at any time to anyone who meets the criteria to live in an exclusive development for over 55s, and who aren’t able to buy outright on a similar development. Remember that property prices can go down as well as up.