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With McDermott, subject to criteria, Shared Ownership homes are available on selected developments. Shared Ownership allows home buyers to purchase a new home for a percentage of the original cost and pay rent on the remaining share, meaning a lower deposit is needed.
We are currently offering Shared Ownership homes at the following developments:
What are Shared Ownership Homes?
With shared ownership, sometimes known as “Part Buy – Part Rent,” instead of buying the whole of a property, you purchase part of the property and pay rent on the remaining share. Typically, with shared ownership you will purchase between 50% and 75% of the property.
An advantage of shared ownership is that the deposit that you will need to pay when buying the property is lower.
Who owns the remainder of the property?
When you buy a shared ownership property from McDermott Homes, the remainder of the property is owned by a housing provider, and you will pay rent on that part of your home.
How much rent will I need to pay?
The monthly rent on a shared ownership home depends on several factors including the share that you purchase, and the overall value of the home. Speak to our sales executive to find out more about how much rent you will need to pay on your new home.
Who is eligible for Shared Ownership Schemes?
Shared Ownership Schemes are available for people who meet certain criteria.
These buying criteria include being a first-time buyer with annual household income of less than £80,000 per year.
To find out more about how shared ownership works, and availability at your chosen development, please visit us and talk to our Sales Executive.