Shared Ownership is designed to make it easier and cheaper to buy a new home. It helps first time buyers get on the property ladder by providing a part-buy/part-rent scheme. You buy a share of the property and pay a monthly rent on the remaining share. This combined cost is usually less than buying an apartment outright. After the first 12 months you will have the option of buying a larger share of your property in multiples of 10%, so you can eventually own 100% of your home.
Who is eligible?
Catalyst will give priority to the following:
• People who live or work in the Borough of Barnet
• People who have a local connection (e.g. family ties in the area).
• Social tenants (people living in housing provided by the council or a housing association).
• Your household income must be below £90,000 a year.
• You can’t already own a home or have your name on the deeds of another property.