Woman holding out keys to a property.

Shared Ownership could be the key to your move

If you can't afford a 100% mortgage on your own then shared ownership allows you to buy a share of your home (between 25-75% of the property value) and then pay rent on the remaining share.

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What is shared ownership?

Shared Ownership is a government-backed Part Buy/ Part Rent scheme designed to help you take that first step on to the property ladder. Properties sold under this scheme are usually new build apartments or houses and you can purchase shares from 25% up to a maximum of 75% on the initial purchase. As this scheme is designed to be the first step on to the property ladder, you cannot own another property or land in the UK or abroad.

All Shared Ownership applicants are expected to purchase the maximum share they can afford; this will be dependent on your income and savings which you will need for your deposit and any financial commitments you may already have. You will need to use some of your savings for legal fees and the rest of your savings will be required for your deposit.

You will need to arrange a mortgage for the share of the property you wish to buy and you will also have to pay a discounted rent to your landlord on the share you don’t own and a service charge will also be payable.

How can you benefit from Shared Ownership?

  • It allows you to get on the property ladder and is usually cheaper than renting
  • You have the option to buy more shares of your home in the future
  • You can sell the shares at any time
  • 95% mortgages available on the share you buy
  • Over 300 mortgage products available
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Don’t take our word for it...

Key points

What is specified rent and gross rent? Why does the Housing Association need to approve my mortgage?

Shared ownership compared to rent or buy

You may also be interested in...

Share To Buy website

Share To Buy website is where most shared ownership providers (Housing Associations and Local Authorities) and sales agents advertise on.

Go to site

Register for Shared ownership

Help to Buy Agents that applicants have to register with outside London

Register

Download our pdf guide

Shared ownership explained

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