What is Outright Sale?
Outright Sale, also known as Market Sale or Private Sale, is the most popular way to buy on the open-market. Your traditional method of purchasing a home, where you minimum deposit of 10% is required and purchasers own 100% of the property.
Many people take out a mortgage to purchase a home outright, saving up for the deposit and paying the rest by mortgage.
One of the advantages of buying your home outright means you don't need to fit any eligibility criteria associated with shared ownership properties that we have advertised on our website, there's no rent and often no service charge to pay.
What if I can't afford to purchase Outright Sale?
Purchasing a property outright requires saving or receiving a lump sum for 10% of your chosen home's deposit and affordability checks to ensure you can pay your mortgage back each month alongside your routine monthly expenditures. Both of which can be difficult to achieve for many hopeful first-time buyers who want to own a home.
That's where shared ownership steps in. If you're struggling to save up 10% for a full-value property deposit and/or don't think you can meet the monthly mortgage payments for a outright sale property, Shared Ownership could be the answer to help you get on the property ladder and out of private renting. Find out if you're eligible for shared ownership here.
