Shared Ownership Schemes Glasgow

Housing associations and charitable trusts sometimes offer first-time buyers - who may be single parents, single people or students - the chance to part-buy/part-rent low-cost properties.

Nationwide Building Society
+44 (0) 845 730 2010
290 Byres Road
Glasgow
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Dunfermline Building Society
+44 (0) 845 733 6688
1635 Great Western Road
Glasgow
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Nationwide Building Society
+44 (0) 845 730 2010
24 Cambridge Street
Glasgow
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Nationwide Building Society
+44 (0) 845 730 2010
106 Buchanan Street
Glasgow
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Britannia
+44 (0) 141 331 2451
84 Renfield Street
Glasgow
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Glasgow Property Investment
+44 (0) 141 333 9497
251 Great Western Road
Glasgow
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Skipton Building Society
+44 (0) 141 226 4112
50 St. Vincent Street
Glasgow
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Nationwide Building Society
+44 (0) 845 730 2010
1558 Great Western Road
Glasgow
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Nationwide Building Society
+44 (0) 845 730 2010
116 Kilmarnock Road
Glasgow
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Leeds Building Society
+44 (0) 845 050 5075
182 Hope Street
Glasgow
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Shared Ownership Schemes

Shared Ownership Schemes

Shared Ownership Schemes

Housing associations and charitable trusts sometimes offer first-time buyers - who may be single parents, single people or students - the chance to part-buy/part-rent low-cost properties.

The main principle is that you buy a percentage of the property (say 50%) and you rent the rest from the housing association, with a service charge if it is an apartment. As time goes by you can 'staircase up' to 100% ownership. This scheme is specially designed for those who cannot meet the full cost of outright purchase straightaway. Usually, your total monthly outgoings are smaller than they would be if you purchased outright.

Conditions associated with shared ownership include:

  • You will need to pay of a reservation fee, usually a couple of hundred pounds, which is non-returnable but does go towards the price.
  • You will also need to arrange a mortgage to buy your share of the property.
  • Your mortgage lender will carry out a valuation report, which will cost you around £150.
  • You'll need to appoint a conveyancer to carry out the transaction. This may cost around £400.
  • When you move into the property, you will be paying a mortgage to the lender and some rent to the association each month.
  • After you have lived in the property for a certain time, you can buy more shares in it (until your own it outright), or sell your shares back to the association (at a fair market rate).
  • Once you own the property outright, you can sell it on the open market.

Most local authority housing departments have lists of shared ownership schemes in their area. If you are eligible for a particular scheme you can fill in and submit an application form. If you are accepted, you will be offered a vacant property or put on a waiting list.

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