Offering islanders a realistic way to get on the property ladder
What is the GHA partial ownership scheme?
It is a housing option to consider if you are able to get a mortgage and earn enough to cover a portion of the property either through your income or in savings.
How does the partial ownership scheme work?
If you are able to get a mortgage but the bank cannot lend you enough to purchase a property on the market suitable for your needs, then the partial ownership scheme could be for you. As only a portion of the property is purchased, you need to borrow a lesser amount from the bank and pay a rental amount on the rest to the GHA.
You purchase the maximum you can afford, between 40% and 80% of the property value, at the time of the initial purchase. At a later date you can purchase more of your property in 10% increments. This is known as ‘staircasing’ which is the term used when you buy further shares of the property.
Staircasing will allow you to own a greater proportion of your home. For instance, you purchase 40% of your property in 2018, then in 2020 you change jobs and are able to afford and want to purchase more of the property.
If you would like to do this, then please contact your Housing Officer to see if you are eligible and they will take you through the process.
Remember you will only be able to staircase if you have no arrears with your service charge and/or rent.