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Shared Ownership is a good alternative to renting if you can’t afford the larger deposit to buy a house outright.
Our scheme enables you to buy a share in a home and pay a reduced rent on the share that you don’t own. Shares range from 25% to 75% initially, with the option for you to buy more once you’ve moved in.
*Some mortgage lenders may require a larger deposit and may not offer deals with 5% deposits. An eligibility and affordability assessment will be carried out. The more deposit you have saved could mean you can buy more of a share, which could bring your monthly rent payments down.
Before arranging a viewing for a Shared Ownership property, please complete the Help to Buy North West Shared Ownership Application below. Once this has been submitted, please email us to confirm, on hello@opendoor-properties.co.uk we will then contact you with the next steps.
Please ensure you select Halton Housing as the developer or we will not receive your application.
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You can buy a share of a Shared Ownership homes starting from as little as 25%. Shares are only available from 25% – 75% initially but once you have moved in, you have the option to buy more shares in your home, which is what’s known as staircasing.
Some of our new developments have a cap on how far you can staircase, these are usually within Designated Protected Areas. Providers are required to offer grant funded shared ownership properties with a lease and this can mean staircasing is restricted to no more than 80% ownership, this is to ensure the properties remain in the ownership of local people. On some of our other developments, there is no cap and you can staircase to full ownership and own 100% of the property and you will then have no rent to pay, only your mortgage.
If you would like to staircase, you can do it in affordable stages, but we’d suggest you wait until you can afford to buy at least an additional 5% – 10%, to make it worthwhile.
Shared Ownership (also known as part buy part rent) is an affordable way to own a home. The more shares you own, the less rent you pay and it also means when you come to sell, if the value of your home has increased, you could make more profit!
If you’d like to buy more shares in your home, please get in touch with a member of our team and we’ll be more than happy to go through the options with you.
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Example on how the loan works:
The deposit, repayment mortgage and equity loan will cover the cost of the purchase price.
You must repay your equity loan in full:
Example on how the loan works:
You cannot get the equity loan if you:
You cannot get the equity loan if you:
It’s a simple idea, Rent to Buy lets you rent now, buy later! The scheme allows you to rent a brand new home with a tenancy agreement, at a reduced rate (80% of local market rent) for five years, giving you the chance to save for a deposit. After the 5 years expires, Open Door will offer you the opportunity to buy the home you’ve come to know and love.*
If you’re able to save a deposit before your five years are up, you may be able to buy a percentage of your home through Shared Ownership.
We’re more than happy to go through all of your buying options with you at any time. If you have any questions, please get in touch with a member of our team on 0333 0044 777.
*Rent to buy tenancies will be let as ‘Assured-Shorthold Tenancies’ on an initial 12-month term. The AST will be renewed dependant on zero tenancy breaches relating to rent payments, anti-social behaviour & condition of property. Please note, due to funding regulations, Halton Housing cannot sanction any outright sale of Rent to Buy homes to customers within the initial five year letting period.
You’re able to apply for a Rent to Buy home if:
The deposit, repayment mortgage and equity loan will cover the cost of the purchase price.
Features and Benefits
Features:
Features:
Use the search function on our website to find our Rent to Buy homes.
If you think you match all the above criteria and would like to apply, please request an application form and a member of our team will contact you. Please note, Further calculations will be made if ‘living at home’ is selected.
Updates on available properties will appear here with the application form when we have Rent to Buy homes available.
View Our New Build DevelopmentsIf you have a deposit saved already, have you thought about Shared Ownership? Please take a look at our page with more information – Shared Ownership