Shared Ownership

Shared Ownership…what’s it all about?

Shared Ownership is all about getting your foot on the property ladder. It’s a good alternative to renting if you can’t afford the deposit to buy a house.

You buy a share in a home and then pay a reduced rent on the share that you don’t own. Shares range from 25% to 75% initially, with the option for you to buy more shares once you’ve moved in.

Shared Ownership homes

You’re able to buy a Shared Ownership home if:

  • Your household earns £80,000 a year or less.
  • Either you’re a first-time buyer, you don’t own your own home, or you already own a shared ownership home and would like to move to another.
  • Your income is sufficient to cover the mortgage (if applicable), rent and service charges.
  • Your chosen Shared Ownership home is affordable and sustainable for you.

Before arranging a viewing for a Shared Ownership property you should fill in and return our Shared Ownership Application Form.

Shared Ownership Application Form
mortgages

Buying more of your home…also known as staircasing

As we’ve already mentioned, shares in our Shared Ownership homes range from 25% up to 75% initially. However, you can own more shares in your home, 100% in fact – which is what’s known as staircasing.

It’s an affordable way to own a home. The more shares you own, the less rent you pay and it also means when you come to sell, if the value of your home has increased, you could make more profit!

You don’t have to buy the remaining shares all at once, you can do it in affordable stages, but we’d suggest you wait until you can afford to buy at least an additional 10%, to make it worthwhile.

If you’d like to buy more shares in your home, please get in touch with a member of our team and we’ll be more than happy to go through the options with you.

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Shared Ownership

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