An affordable way for first-time buyers get on to the property ladder.
You can buy a share between 25% and 75% of the full value of the home, normally with the help of a mortgage. You then pay a subsidised rent on the share retained by Metropolitan.
Because you only have to raise a mortgage deposit for your share (as opposed to the full market value of your home), Shared Ownership makes buying more affordable. Shared Ownership also keeps your ongoing monthly housing costs below what you would pay if you had bought the same property outright or rented it privately.
In the future, you can increase the share you own by buying some or all of the remaining shares in your Shared Ownership home (this is known as staircasing).
In London, you will need to apply for Shared Ownership from Metropolitan by completing our online application at www.metsalesapp.org.uk . Outside of London you apply for Shared Ownership from Metropolitan through your local Help to Buy Agent. You can find out who your local Help to Buy Agent is by visiting www.helptobuy.org.uk.
Resales (pre-owned Shared Ownership homes)
Resale Shared Ownership homes offer you the opportunity to buy a previously owned Shared Ownership home on a part-buy, part-rent basis. Because these are usually older homes, resales can offer the chance to buy from a wide selection of property types from different areas and locations in established communities.
Help to Buy – equity loan
Help to Buy enables you to buy a new home directly from a housing developer. You are required to buy a minimum of 80% (or 60% in London) of the property value and receive an equity loan for the remaining amount. There is nothing to pay on the loan for the first five years. From year six you will need to pay a monthly fee of 1.75% per annum, that will increase each April by RPI plus 1%. However, if you pay back the loan within five years, there will be no fee to pay.
Help to Buy is not exclusive just to first-time buyers. Those who have outgrown their current home and are otherwise eligible can apply provided they have sold/vacated their current home upon completion. It has a maximum property price cap of £600,000, it also has no maximum income cap.