Shared Ownership at Leaside Lock is another way to buy your home. You buy a percentage and pay rent on the rest. Guinness owns part of it - but you're living there, you decorate it and decide when to sell.
Buying a percentage means a smaller deposit and a smaller mortgage. It's a sooner first step on the ladder for lots of people. Usually, you can carry on buying further shares to own it 100%.
Am I eligible?
In summary, you need to be over 18 and resident in the UK. When we release a new home for sale at Leaside Lock, for the first three months, we offer homes only to those with household incomes below a certain threshold. As of July 2021, we are now able to offer homes to those with a household income below:
- £90,000 - for any apartment size
Do I have to live in a specific area?
We can offer homes at Leaside Lock to those from any area. If we receive more applications than we have homes available, we'll prioritise those who live in Tower Hamlets.
Can I buy my share with cash?
No, we can only offer Shared Ownership at Leaside Lock to those who are obtaining a mortgage.
What share will I buy?
You’ll buy a share ranging from 25% to 75%.
You’ll need to be able to get a mortgage and have savings to cover the deposit. It would be best if you remembered that you need to pay your mortgage and rent payments each month and the usual household outgoings.
How do I arrange a Shared Ownership mortgage?
We can put you in touch with our panel of mortgage brokers who specialise in Shared Ownership sales so you can be confident that you’ll get expert advice during the buying process.
How do I choose a Shared Ownership solicitor?
You can use a solicitor of your choosing, or we can put you in touch with one of our panel of solicitors to help you purchase your new home.
What happens in the future?
Once you’ve moved in and you’ve settled, you might decide to buy further shares until you own the property outright or you might sell your home. We will help you with both these options.