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This government scheme is aimed at helping buyers get onto the property ladder with a lower deposit and smaller mortgage compared to buying outright. With shared ownership you only need to afford to buy part of a property, not all of it.
When you buy with shared ownership you buy a share of the property based on what's affordable for you. You then pay rent on the remaining value of the property. For example, you could buy a 47% share of the property, and pay us rent for the remaining 53%.
Why shared ownership?
- Affordability: As you are not paying for the full property, shared ownership reduces the amount of money you need to borrow to buy a home. Although you will still need a deposit, it should be a smaller deposit as it’s based on the share of the property that you're buying, rather than the property’s full value.
- No chain: if you’re buying a new shared ownership property there won’t be anyone currently living in it which removes a complication in the sales process.
- Ready to move in: our homes normally include ovens, hobs. Other incentives are sometimes available on selected plots.
- Peace of mind: new properties have a 10 year warranty (National House Building Council or similar) which ensure the quality of the home from day one.
- Energy efficiency: new homes are built to the highest modern standards and often have energy saving features to help you save money on your energy bills.
- Ongoing support: our expert home sales advisors guide you through the sales process. Our team is then on-hand to provide any support you may need once you’ve bought your home: we don’t just hand over the keys and walk away.
Frequently Asked Questions
- How does shared ownership work?
To start with, you buy a share of the property - between 25% and 75% of the property’s full value. The share you buy depends on what you can afford; we calculate this based on your financial circumstances, and then you rent the remaining share of the property from us.
You will normally have the chance to gradually buy further shares until you own your home outright.
It’s likely you will need a mortgage to pay for your share of the property. Your mortgage lender will normally require you to put in deposit which can be as low as 5% of the value of the share you buy although the most mortgage lenders will ask for a higher deposit; this depends on the lender and your credit history.
For more information, please download our guide to Shared Ownership.pdf
- Am I eligible?
You should be eligible for shared ownership if the following apply:
- Your household income is below £80,000
- You have sufficient household income to afford the minimum 25% share of the property
- You are renting or living with family/friends
- You can’t afford to purchase the property without help
In exceptional circumstances, homeowners selling their current property may qualify, but you must have a buyer for your current home. The Help to Buy Agent will then determine whether you're eligible based on your specific circumstances (see How do I Apply below).
Homes that are for buyers aged 55 and over have slightly different rules – for more details, see the Older Persons Shared Ownership section below.
Shared ownership is not open to investors or anyone who intends to buy with a view to renting the property out.
- What is Older Persons Shared Ownership?
We also offer shared ownership on some of the homes we build specifically for people aged 55 and over. These properties are generally bungalows and apartments and some developments will offer communal areas for residents to enjoy as well as access to on site care and support services.
When buying a new home through Older Persons Shared Ownership the share you can buy will range from 25% to 75%. The maximum share you can own will be 75%. At this level you will normally pay no rent on the remaining 25%, although you may still be liable for service charges. Service charges on over 55s properties vary depending on the property and scheme type.
Current homeowners can be eligible for Older Persons Shared Ownership but your home must be under offer before you apply. Please contact the Sales Team to discuss eligibility for the scheme.
As well as new properties, re-sale properties for over-55s are also available from time-to-time. You can view all our available properties.
- How do I sell my shared ownership property?
If you are looking to sell your shared ownership property please contact our Leasehold Management Team on 0300 111 1000 who will talk you through the process. Below is a brief guide to how this works:
- Contact the Leasehold Management team to discuss the process of obtaining a valuation which will determine the current market value of your property.
- Following the valuation the Leasehold Management team will confirm in writing the value of your home and what amount you are able to accept for the property based on the conditions of your lease.
- You will need to confirm back in writing that you are happy to proceed based on the valuation.
- Your details will then be passed to our Sales team who can add details of your property to our website and the Help to Buy website (we will require a property description and high resolution images).
- We recommend you employ the services of an estate agent who can help market your property further.
- If you sell on a shared ownership basis your buyer must meet the eligibility criteria and also pass a financial assessment for your property.
- You need to ensure any agent acting on your behalf understands the shared ownership scheme including eligibility criteria and what amount you are allowed to accept for your share.
- Once you have accepted an offer from a buyer please let the Sales Team know so that we can contact the buyer and complete the financial assessment. Assuming the assessment fits the scheme criteria, the buyer’s shared ownership interview can then take place and solicitors can be instructed.
How do I apply?
We have a range of properties available for shared ownership, including homes for re-sale, throughout the North East and Yorkshire. You can view all our available properties.
The local Help to Buy Agent makes sure that applicants for shared ownership meet the general criteria of the scheme. To confirm you are eligible please complete the online application on the Help to Buy website.
After you have been approved by the Help to Buy Agent, we will need to carry out a financial assessment to confirm you are eligible to proceed with the specific property you have chosen. Please contact us once you have been approved by Help to Buy.
The process for buying a shared ownership home differs depending on whether the property is new or a re-sale. Please see our step-by-step guides to the different processes below:
Applying for a new-build home
Applying for a re-sale home
Our team of home sales advisors can support you throughout the application and sales process. This helps you choose the right home for you and ensures you’re fully informed throughout the process.
Get in touch with our home sales advisors:
- tel: 01642 947070
- email: firstname.lastname@example.org