Government launches shared ownership right to buy scheme
The new model will allow people to buy their home in 1% increments, rather than having to save up 10% at a time. The government has announced plans for a new national model for shared ownership which will allow people to get on the housing ladder with deposits as low a £2,000. Under the plans, tenants in new housing association properties will be given an automatic right to buy a share of their home from as little as 10%, with the ability to increase that share over time up to full ownership. Using an example, the government said a housing association tenant renting a £200,000 property could buy an initial 10% stake worth £20,000, while paying subsidised rent on the remaining 90% of the property. The tenant could make up this 10% stake through a £2,000 deposit and a £18,000 mortgage.