Newspaper article Manchester Evening News

How Shared Ownership Works, from the Experts at Guinness Homes

Newspaper article Manchester Evening News

How Shared Ownership Works, from the Experts at Guinness Homes

Article excerpt

IN 1890 Edward Cecil Guinness, the great grandson of the founder of the Guinness Brewery, gave Pounds 200,000 to set up The Guinness Trust. This is the equivalent of at least Pounds 25 million in today's money. He wanted to help improve the lives of ordinary people, many of whom couldn't afford decent homes. Today Guinness Homes is a national operation and offers affordable homes to buy throughout England.

Guinness Homes Ltd is part of the The Guinness Partnership, who owns and manages nearly 60,000 homes across England, providing services for 120,000 customers and care services for 10,000 people.

Everything they do is about improving people's lives by providing as many high-quality homes as possible. They reinvest their entire surplus into building more homes and improving services Buying a home from Guinness Homes is safe and secure, with a strong history of 125 years.

HOW SHARED OWNERSHIP WORKS Shared Ownership is an affordable way to buy and is designed to help you purchase your new home. With Shared Ownership, you part buy and part rent a home by purchasing a share in a property and paying a reduced rent on the remaining share.

You normally start by buying between 25 per cent and 75 per cent of the full value, and you may, if you wish, buy further shares until you eventually own outright.

You need to raise a mortgage to purchase your share. If you have a large deposit or equity from the sale of a property, this can also be used towards purchasing your share.

Guinness sell new build and occasionally refurbished properties, and also refer buyers to existing shared owners who are ready to sell their share to a new buyer.

AM I ELIGIBLE? Eligibility to buy a home using Shared Ownership is governed by the Homes and Communities Agency. In summary you need to be over 18 and resident in the UK.

When purchasing using Shared Ownership there is a maximum household income. …

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