How does Shared Ownership work?

This page gives you details about how Shared Ownership works and how you can benefit from the scheme.

With continued support from our dedicated Sales Executive, Buyin Part, Shared Ownership can be broken down into eight steps which are demonstrated in the slideshow below. Your Sales Executive will be on-hand to help you with any queries and support you along the way.

Over 55s Buyin Part, Shared Ownership

Our Buyin Part, Shared Ownership scheme is available for everyone over the age of 18. However, we do have developments that are specifically for people over-55. These have been specially designed and will usually be bungalows or flats. There are special criteria if you are looking to buy within a shared ownership development for people over-55:

  • You can only purchase a maximum 75% share in your home
  • If you’re currently a homeowner, your property must be sold before you can qualify for shared ownership
  • Depending on your age and work, you may not need a mortgage
  • You will never pay rent on the final 25% of our home. Your total assets must be below 130% plus £15,000 of the value of the home.

Frequently Asked Questions

Who can buy with Shared Ownership?

Shared Ownership is an option for lots of people - probably more than you think. A smaller deposit makes is easier for first-time buyers to get on the ladder, and it's an easier way for separated couples to buy again with their individual share of joint assets. 

Shared Ownership is also a good option for retirees, or those who want to free up equity without losing the security of owning a home.

Generally speaking:

  • Your household income needs to be under £80k.
  • You can't be the owner of another property.
  • You'll need to show you have a good credit history, and can afford the regular payments and costs involved in buying a home.
  • You should have savings or be able to put down at least a 5-10% deposit on the share of the home you are buying.
Will I be sharing with other people?

No. Contrary to it's confusing name, you're not sharing a house with other flatmates or buying it with someone you don't know.

Shared Ownership means you own a share of the home, and a housing association owns the remaining share.

If you want to buy with a partner, friend or sibling, that's totally fine. But your total combined income when you submit your application must be below £80k.

Part mortgage/part rent. How does that work?

Shared Ownership is part buy, part rent. This means you will have a mortgage on the share you own and pay rent on the remaining share. For instance, if you buy a 25% share of the home, you'll pay mortgage on the 25% share and rent on the remaining 75% share. 

Usually you can also carry on buying shares, to own it 100%.

You'll have a lease, which is essentially the contract for the share you've bought. It means you've got the right to keep your home for a certain number of years (usually at least 125), but the land belongs to someone else. Your lease sets out how much you need to pay each month, your responsibilities while living there and all the details of your agreements with the housing association. Make sure you go through it and ask lots of questions. Your solicitor or one of our Sales Executives can help you with this. 

What sort of properties are available through Shared Ownership?

Shared Ownership homes tend to be either new-builds offered by housing associations, or resales of existing shared ownership properties. There are a range of new homes available, which usually means fewer future repairs, and the chance to move in straight away without having to replace any ancient boilers.

Is this a government-backed scheme?

The Government supports Shared Ownership, and funds lots of shared ownership homes. Otherwise, shared ownership properties are paid for directly by the housing associations, which is most common, private investors, or some councils.