Shared ownership is a great way to get on the property ladder, particularly in a desirable location like Macclesfield. It makes buying more affordable, so you can choose a better home in a better location without overstretching yourself financially. Let’s look at how it works.

With shared ownership, you buy a share in your home rather than buying it outright. Torus owns the remaining share, and you pay a reduced rent on that share. At The Old School House in Macclesfield, you can buy from 10% to 75% of your home’s value, initially.

When you buy through shared ownership, you need a smaller mortgage and a smaller deposit. It means you can buy the home you want at a price you can afford. And it gives you the flexibility to buy more shares in your home gradually, if and when you can afford to.

You can apply to buy a home at The Old School House through shared ownership if: • Your household income is £80,000 a year or less. • You can’t afford all of the deposit and mortgage payments for a home that meets your needs.   One of the following must also be true for you: • You’re a first-time buyer. • You used to own a home but can’t afford to buy one outright now. • You own a home and want to move but can’t afford a new home suitable for your needs. • You’re forming a new household – for example, after a relationship breakdown. • You’ve already bought through shared ownership and want to move.   It’s important to remember that your home maybe repossessed if you don’t keep up repayments on a mortgage or other debt secured on it.   For more information on buying through shared ownership in Macclesfield and other areas, please get in touch.