Living in Bedfordshire (UK), Buying Shared Properties

Living in London, England.

Living in the city may take a toll on you, but whether you are escaping the hustle and bustle, traffic, or queues of the capital, Bedfordshire’s cosmopolitan culture and countryside views can be suitable for you.

Bedfordshire is located at the cusp of Chiltern Hills. It is also a sparsely populated place, making villages dotted in the county friendly, a heartland, and close for the community spirit.

Plus, it is home to Dunstable Downs, Stockgrove County Park, and National Nature Reserve, making it suitable for people looking for shared ownership homes.

Bedfordshire Offers

  • World-class and professional sports facilities
  • Beautiful countryside
  • Entertainment centers
  • Theaters, galleries, and museums
  • Independent and high street shopping
  • Restaurants, pubs, and clubs

Shared Ownership in Bedfordshire

This is when you purchase a share of the property if you are unable to afford to buy it outright and pay 100% of the mortgage. You may purchase a share between 25% and 75% of a house’s value and pay rent on the remaining shares.

In Bedfordshire, it’s possible to purchase a bigger share in your house if you choose to. The county offers a blend of nature with a metropolitan feel and dense population that mixes with unique geography as well as concentrate on historical preservations.

Since three authorities run it, there are a lot of things you may do while living in the county, providing everything from parks, zoos, and museums to pubs and restaurants. And in order to be eligible for properties in Sagehomes, you must earn £80,000 annually or less.

For every first time-buyer who believes that buying their own properties is out of reach, shared ownership houses in the county may help to take those important first steps into the property ladder. This kind of ownership will also allow you to put down roots in a place they love, and get a place you may call your own.

In order to be updated with all the properties available in the county, consider signing up with Sage Homes and registering to get alerts.

Eligibility and Affordability

In order to purchase a shared ownership home, Sage Homes will have to look at your eligibility through a straightforward online procedure.

In general, your annual joint income must be less than £60,000 for a two-bedroom home and less than £80,000 for a three-bedroom house. You should also be a British citizen, be self-employed or an employer, and have proof to show your earnings with an outstanding credit history.

In order to be determined if you can afford a shared ownership home, your financial situation may need to be considered to ensure the share you buy is sustainable and affordable.

Altogether the service charge, rent, and mortgage shouldn’t go beyond 45% of your monthly, and you will also have to set aside cash for the following:

  • Moving costs
  • Legal expenses

The Takeaway!

Purchasing a shared ownership home is a perfect way to gain passive income as well as build home equity. In addition, a shared ownership option also makes it simple to own a house if you can’t afford to buy a home outright or make 100% mortgage repayment.

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