Shared Ownership is for people who would like to own their own home but cannot afford to buy on the open market.
It gives first-time buyers and those that do not currently own a home the opportunity to purchase a share in a new build.
Basically, you buy a part of your home and you rent a part of it. You pay a mortgage on the share that you own and pay rent on the remaining share, and because you only need a mortgage for the share you are purchasing, the amount of money required for a deposit is a lot lower when compared to the amount that would be required when purchasing outright.
You have the option to increase your share via a process known as ‘staircasing’ and you can staircase all the way to 100%, so you then own the property outright.
Shared ownership properties are always leasehold.
Who is eligible?
Shared ownership schemes at new housing developments are done on a first come, first served basis. Applications are assessed on affordability and in accordance with the allocations policy for the particular development.
If you are considering applying for a shared ownership scheme, please check whether you are eligible using the checklist below:
- You are 18 years of age or over
- You are in permanent employment
- You are unable to afford a suitable home on the open market
- You can provide an in principle mortgage offer from a reputable mortgage lender
- You are not currently a homeowner (subject to individual circumstances)
- Your total annual household income does not exceed £60,000
Visit our Find a home page to see the shared ownership properties we have on the market now.
