Shared Ownership

Is shared ownership right for me?

Shared ownership schemes let you buy a share of your home (normally between 25% and 75%) and rent the remaining share from a Housing Association. In many cases, you also have the option to purchase further shares during your time in the property via a process known as ‘staircasing’, and in most cases can staircase all the way to 100% ownership. 

Typically, you’ll pay a mortgage on the percentage you own and rent on the percentage owned by the Housing Association.

Helping you get on the property ladder

Shared ownership schemes can help first time buyers get on the property ladder if you can’t afford or can’t borrow enough to buy on the open market. Generally, shared ownership schemes require a smaller deposit, reduce monthly costs, offer the potential to grow your equity and may be personalised to your circumstances.   

However, they can be a bit more complicated than outright purchases. There are more rules than with a traditional mortgage arrangement, so it’s vital that you speak to a share to buy mortgage broker to help understand how much you can afford to borrow.