Each year Centra Living develops new properties that are available to purchase through the shared ownership scheme. Centra Living also usually has a selection of older, second hand properties available for shared ownership. Although each scheme and property can vary, you will initially buy a share you can afford, (usually between 25% and 50%) whilst paying a subsidised rent on the remainder that you do not own. The greater the percentage of the property you own, the smaller the percentage on which you will pay rent.
Providing you can afford to do so, (whether this may be from your own resources or additional borrowing) you may purchase further shares at any time in the future, in order that you may own the property outright. This is called “Staircasing”. We do build some properties however, particularly in rural locations, whereby the maximum share available will be limited. This will ensure that these homes are always retained for affordable housing.
In a nut shell, the scheme is a simple opportunity to buy a home in stages. Centra Living prides itself on the quality of the apartments and houses it offers for shared ownership and a dedicated team are on hand to guide buyers through the process. Why not have a look at our “Frequently asked questions” section, or select the Contact us option for more information.