Many first time buyers may be reluctant to commit themselves to a purchase, despite low interest rates and competitive property prices. It is recognised that the uncertainty over job security is a major worry. Shared Ownership provides the ideal solution because it removes the need for the commitment to a maximum mortgage, thus providing a buffer in uncertain times.
At Tuntum are experienced in providing homes for sale through shared ownership and have assisted many new home owners to realise their dreams. We have a number of new properties being built as a result of our healthy development programme in close liaison with many local authorities.
How Shared Ownership Works?
Shared ownership is also known as New Build HomeBuy. It is is simply part buying and part renting a home with the help of Tuntum. The initial share (usually 25%) is purchased by means of a mortgage from a building society in the normal way.
Rent is payable to Tuntum for the remaining share, and is reviewed annually in line with inflation.
At any point, shared owners can buy further shares of at least an extra 10% until full ownership is achieved. Alternatively you can remain a shared owner indefinitely if you want to.
You do not have to share your home with anybody other than your own family/household!