Shared ownership is a government scheme which helps individuals, mostly first-time buyers to get onto the property ladder. Shared ownership Essex means that you can purchase a share of a property, and then rent the remaining share as you can’t afford to purchase it all at once. You will have the option of purchasing more shares into the property at a later date once everything has been sorted and you have settled into your new home. To be eligible for shared ownership with Moat Homes you will need to at least 18 years of age, and not able to purchase a property which is suitable to your needs on the open market and plus you will need to be a first time buyer or already be a shared owner, however there are some other circumstances which will be accepted depending on your current situation. Also, your household income must be under £80,000, although if you live in the London borough it will need to be less than £90,000. Moat Homes is a fantastic association which currently has a fantastic team of over 300 members of hard working, dedicated staff and the provide high quality provides homes in different communities throughout the South East of England.
They have been providing people with homes for over forty years and will continue to do so for a long time. They’re a leading housing association working in this part of England and are proud of what they do. On their website you can use their search facility to look through homes which are available for shared ownership Essex, sale and market rent. They will always make sure to update any details on properties on their website; this is so that they can make sure you get the right home for you. They have properties available in counties such as Essex, Kent and South East London, and in Boroughs such as Greenwich and Maidstone.
It may work out that paying for your rent and mortgage works out to be cheaper for you than purchasing a property outright, this is why it’s important that you spend plenty of time working out all of the different comparisons and other calculations, an independent mortgage advisor can help you with this as they have plenty of experience. When working out the costs make sure to consider additional costs that will be included, these will include the deposit for your mortgage, legal fees and mortgage arrangement fess, and these can work out to have a big impact on the overall cost. Moat will only provide you with the property and not the mortgage; you will have to arrange this yourself with a high street lender. The process of getting a property with Moat Homes is made up of three different steps. The first step you will begin with is to register your interest with them this is so that they can send you homes which are available and meet your needs. Then you will go on to view the home and if you choose to, you can reserve it. The final step is for you to appoint a solicitor and arrange a mortgage (https://www.moneysupermarket.com/mortgages/), however if you are going to be renting you will be informed of your tenancy start date. When you’re purchasing shares of the property you can purchase as little as 10% per transaction, however you will only get three transactions and if you want to gain 100% ownership, you have to do it within those three transactions.