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Bedford Shared Ownership

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Shared Housing

 

Shared Ownership

This is a system which helps those who want to get onto the housing ladder but cannot afford it. Bedford Pilgrims Housing association have been appointed zone agent for Bedford from the 1st April 2006 to market and manage all applications for shared ownership schemes.

There are many housing associations in Bedford and the surrounding districts. The one nearest to you will help you by assisting you to buy a part share (anything from 25% to 75%) in the property that you want and they purchase the remaining share. You then pay rent to them for the part that they have purchased.

You can, in time, increase your share in your property until eventually, you have the opportunity to buy out the Housing Association to become the full owner-occupier. When you increase your share in the property the price is based on current market value and not on the original value of the house. As you increase your share of the property (along with mortgage payments), the rental you pay decreases.

If you decide to go for shared ownership it is crucial to check whether you can buy shares up to 100% or not as on some developments there is a limit to the share you can buy,

For more details go to http://www.bedford.gov.uk/Default.aspx/Web/SharedOwnership


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