News
A problem halved is a problem solved
Monday 26 March 2007
"You can buy a property with Co-Ownership on half the earnings expected by a mortgage lender", says Alan Crowe, Co-Ownership Housing's Chief Executive.
"These days it may take a salary of £55,000 to get a mortgage on a £225,000 property. But with Co-Ownership the same property could be within reach of someone earning from £20,000 upwards."
"Co-Ownership is flexible - it fits with the individual. That's the beauty of it", Alan explains.
"Once you're living in your home, the savings on monthly payments can be as much as 35% or £400 a month."
"So if the most you can borrow is £90,000 you can still get on the property ladder with a 40% starter option."
| Typical income | Mortgage | Purchase options |
|---|---|---|
| £55,000 | £225,000 | without Co-Ownership |
| £20,000 | £90,000 | 40% option |
| £26,000 | £112,500 | 50% option |
| £32,000 | £140,625 | 62.5% option |
| £40,000 | £168,750 | 75% option |
4 different Co-Ownership starter shares are available, depending on your circumstances. Contact our advice line for a personal assessment.
