Shared Ownership

Metropolitan Home Ownership is now managing all the Sales and re-sales on behalf of Granta. Please check their website, www.mho.co.uk, for the latest availability. The information within the website can still be used for information only.

What Is It?

Shared ownership is a low cost home ownership scheme which enables you to get a foot on the property ladder by part buying and part renting a property.  You can consider buying a New Property under the New Build Home Buy Scheme (NBHB)  or a Re sale property. 

You usually pay a mortgage on the part you own and a subsidised rent on the part you don’t own.

Providing you can afford to do so, (and whether this may be from your own resources or additional borrowing) you may buy further shares at any time in the future, in order to own the property outright. However, we do build some properties, particularly in rural locations, where you can only ever own 80% of the property value. This is to ensure that these homes are always retained for affordable housing. Wherever possible, in the case of rural exception schemes, priority for housing will always be given to local residents.

Am I eligible?

Eligibility for all affordable housing schemes is subject to funding. Priority will vary from each scheme depending on location and funding rules. To find out if you are eligible refer to the following criteria:

If you live in one of these following regions – Bedfordshire, Cambridgeshire, Northamptonshire, Forest Heath, St Edmundsbury and West Suffolk you need to contact Orbit Home Buy Agent on 03458 50 20 50 or email ofs@orbit.org.uk

If you live in Norfolk, or the other areas of Suffolk not listed above you need to contact Orbit Home Buy Agent on 03458 502050 or email ofs@orbit.org.uk.

What are the costs involved?

Mortgages are available from many Banks or Building Societies. You will also be responsible for your own solicitor’s fees, but please speak to our sales team for information on our panel of solicitors and independent mortgage advisors.

You will be required to pay a subsidised rent on the remaining share. The rental payment will also include the service charge element of your home. Full details of costs for individual properties can be provided by our sales team. Combined mortgage and rental payments should not exceed 40% of the gross household income.

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