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|WHAT IS SHARED OWNERSHIP?|
High housing prices and the need for a large deposit make buying a home difficult for a lot of people.
Shared ownership provides a solution for anybody who cannot afford to purchase a property outright, but would like to own their own home.
The 360 shared ownership scheme offers you the chance to buy a share of a modern and spacious apartment and pay rent on the remaining share.
You use your deposit and a mortgage to buy your share, anything from 35% to 75% of the price, and pay a subsidised rent each month on the remaining share.
You can increase the amount you own up to 100% in the future using a process known as 'Staircasing'
You can apply for an apartment at 360 Barking using shared ownership if:
1. You do not own a property and have a household income less than £90,000 per annum
2. You agree to have a preliminary discussion with our recommended mortgage advisor to assess your affordability
3. You have a deposit and are approved for a mortgage by our recommended mortgage advisor
4. You pay a £500 reservation fee, which takes your preferred apartment off the market
5. You provide the details of your chosen solicitor
6. You exchange contracts within 28 days of receipt of contracts by your solicitor, giving you time to raise any questions and finalise your mortgage
Please note, your £500 reservation fee goes towards the cost of your apartment, but you will have additional costs such as legal and conveyancing fees