Shared Ownership

Shared Ownership makes it possible to own your home – even if you feel priced out of the property market. It’s an affordable home ownership scheme designed as a stepping-stone to outright ownership, if you can’t afford to buy a home on the open market.

Under a Shared Ownership scheme you can buy a share of between 25% and 75% of the property’s value and pay a subsidised rent on the remaining share. A key advantage is that, as part-owner, you have a security of tenure that renting cannot offer and the stability of home ownership at a price which is affordable. 

Some advantages of Shared Ownership:

  • You'll own part of your home, rather than paying rent with no return
  • Your monthly mortgage and rent can work out cheaper than buying outright and sometimes not much more than renting
  • You can buy more shares in your home or sell it if you want to
  • You only buy what you can afford so you don't overstretch yourself financially.

You can buy more of the property until you own 100%, this is called ‘Staircasing’ (unless otherwise stated in your lease). You will need a small deposit initially – generally a minimum of 5% of your share, subject to conditions – and you will need to raise a mortgage on the rest of the price. You will also be charged a service charge and ground rent for your home, normally paid on a monthly basis.   

Buying more shares

You can generally buy more shares in your home any time after you become the owner.

The cost of your new share will depend on how much your home is worth when you want to buy it.

We arrange an independent valuer to set the price of the share, but you’re responsible for paying the valuer’s fee.

Please bear in mind, if property prices in your area go up, you’ll have to pay more than you did for your first share. Likewise, if your home has dropped in value, your new share could be cheaper.

Who can apply?

You can buy a home through Shared Ownership if:

  • Your household earnings don’t exceed £80,000 a year (outside of London)
  • You're a first-time buyer
  • You rent a council or housing association property
  • You used to own a home but can’t afford to buy one now.