Shared Ownership

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.

If you’d like to know more about purchasing a home through a shared ownership scheme, our team will be happy to help.
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