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Shared Ownership

A select number of units at Portobello Square are available under the shared ownership scheme. This scheme offers a low cost way for first-time buyers to get on the property ladder by making a home purchase more affordable. It is a part-buy/ part-rent scheme which allows you to buy a share of a new build property and pay a subsidised rent on the rest. You will have the option to purchase only 25% of the full value of the property. The combined monthly cost of your rent and your mortgage will usually be substantially less than buying the property outright.

When can I buy more shares?

After the first 12 months you will have the option of buying more shares (known as staircasing) in multiples of 10%. A new valuation will be required from a qualified RICS valuer at the time of sale. As the tenant, you will have to pay for the valuation fee and any updates as necessary. This figure will then determine the price of the share you wish to purchase. You are free to increase your share percent to 100% after the first 12 months.

Am I eligible?

Catalyst will give priority to:

  • People who live or work in the same borough or local authority area of the development
  • People who have a local connection (for example, close family ties in the area)
  • Social tenants (people living in housing provided by the council or by a housing association)
  • First time buyers

If you do not fit into one of these priority groups, you can still apply.

Other restrictions

  • The income cap for purchasing a property in London with less than 3 bedrooms is £64,300
  • You (or any joint applicant) must not already own a home or be on the deeds of another property. However, there are certain circumstances where this may be flexible
  • You must not have been in any rent arrears during the past 12 months (because of standard mortgage checks it is unlikely that people with a low credit rating will be able to obtain finance)

For more information, contact Dalbir Jangra on 0300 456 2099.