2. Why choose an L&Q Shared Ownership home?

You could be within reach of owning your own home, even if you don’t have a large deposit ready. With Shared Ownership you need a much smaller deposit than when you buy on the open market – and it’s already helped thousands of first-time buyers and families onto the property ladder.

Some of our current home owners have described their experiences getting on the property ladder with Shared Ownership. Watch some of our video case studies to find out what they think of their new homes.

L&Q has over 50 years of experience creating homes for people and we’re committed to providing affordable home ownership schemes for people across London and the South East. To purchase one of our part-rent, part-buy homes you normally need a deposit of between 5 and 10% of the value of the share you are purchasing.

 

An affordable way to buy a home

Part ownership is a more affordable way to have the security and stability of owning your own home. If you’re currently renting your home, you may even be able to reduce your monthly outgoings with an L&Q Shared Ownership home. You may find the combined cost of your mortgage, rent and service charges to be cheaper than the cost of private rental.

What’s more, you won’t be overstretched because you will only purchase the share you can afford. We’ll help you work out how much you can afford during your financial interview. As your income rises, you can increase the share you own, until you eventually own 100% and no longer pay any subsidised rent to L&Q.

 

The security of home ownership

Clara Garfield purchased a one-bedroom apartment at Greenwich Square. Clara talks about her experience of purchasing a Shared Ownership home with L&Q:

“Owning a share of this property is vastly important to me. It really gives me a sense of identity and security in London. I feel like I can properly call this place my home now. Knowing that a landlord isn’t going to turn around in 10 months and say ‘sorry Clara, you have to leave’ and not having to deal with all the kerfuffle of renting again is just fantastic.”