Shared ownership property

Shared Ownership

What is 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.

This gives you the long-term security and stability of home ownership at a price that’s still affordable.

 

The 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 (where applicable) for your home, normally paid on a monthly basis.