Shared ownership opens the door to home ownership
Shared ownership allows you to buy a share of your home, with a lower deposit, smaller mortgage and monthly payment on the rest. You start by buying between 25% - 75% of your home. That means your monthly mortgage and deposit are smaller than they would be if you bought your home outright. You can buy a bigger share of your home in the future, and even own 100%.
Helping you become a home owner
With So Resi, you buy your own home in your own way. You start with a share that's right for you, we’ll help you work out what you can achieve. Then you can buy extra shares over time, so it's all manageable to suit your income.
Putting home ownership within reach
You buy shared ownership property in a way that suits your own budget. You pay as little as 5% deposit on the value of your share, so the amount you need to save is much lower than it would be if you bought the whole property. Then you make straightforward monthly payments, which combine the mortgage on your share and a payment to TVH on the rest. You also pay a service charge and all other usual costs of running a home. You can add to your share at any time. If you do this, your TVH monthly payment will go down.
Give me an example
Say the flat you like costs £300,000 and you start by owning 25% - that’s £75,000. The shared ownership costs mean:
You pay a deposit of 5% of £75,000 – that’s just £3,750.
Then you pay a mortgage on the difference between £75,000 and £3,750 – that’s £71,250.
You need a repayment mortgage, so the amount left to pay will go down every month.
Finally you pay a subsidised payment on the remaining share of the property.