Shared Ownership

What is Shared Ownership?

Shared ownership schemes are offered by Housing Associations, this allows you to part-buy and part-rent your home. You can buy a share of between 25% and 75% of the property and pay rent on the remaining share you don’t own to the Housing Association.

How do I finance my Shared Ownership Home?

Not all mortgage lenders offer Shared Ownership loans, however, we have access to lenders that can help find the right mortgage for you. 

Who is eligible for Shared Ownership?

  • You will need a household income of £80,000 a year or less for outside London or £90,000 inside London.
  • You must be a British/EU Citizen or have indefinite leave to remain.
  • You must not currently own a home.

Can I buy a larger share at a later date?

Yes! This process is called “staircasing”. The cost of increasing your share depends on the market value of your property at the time. To staircase you will need to pay for the Housing Association to carry out a valuation of the property and ensure you have the cash or mortgage finance in place to pay for the extra share. Each Housing Association have different rules, but the general rule of thumb is you will have to buy a minimum 10% share when staircasing.

What are the advantages buying a Shared Ownership Property?

  • It’s a quicker way to get onto the property ladder.
  • You own part of your home rather than pay rent with no return
  • You can sell your shared ownership property at anytime and benefit from any increase in value since you bought it.
  • The combined monthly mortgage and rent payments usually work out cheaper than buying outright or even renting privately.