Your doorway into home ownership

Shared Ownership provides an affordable, alternative doorway into home ownership for people who cannot afford to buy a home outright, enabling you to buy the home you want on a part buy-part rent basis.

Buying a Shared Ownership home means you need a smaller deposit and smaller mortgage, making getting on the property ladder more accessible. You then pay rent on the share of the property you do not own.

As your personal situation changes you can purchase more shares in your home, building the percentage of shares you own (which will decrease the percentage you pay rent on) – you could eventually own your home outright.  Equally, in certain circumstances you may be able to reduce the share of the property you own.

In the same way as owning a home outright, you are free to sell your share in your home at any time – you are not tied into any minimum terms.

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Shared Ownership – The Facts

• Shared Ownership is a Government part rent part buy scheme
• To be eligible, your household income must be under £80,000 per annum (£90,000 in London) 
• Under the Shared Ownership model, you can buy between 10% and 75% of your home (local conditions may vary) depending on what you can afford.  
• You will take a mortgage on the share that you own and pay a reduced rent to your Landlord on the remaining share
• Depending on which mortgage lender you use, your deposit can be as little as 5% of your share value.