Shared Ownership

If you're looking to buy, but can't afford the deposit, we've got another way!

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Shared Ownership is another way to buy your own home. You buy a percentage, and pay rent on the rest. Thirteen own part of it - but you're living there, you decorate it, and you decide when to sell. 

Buying a percentage means a smaller deposit and a smaller mortgage. It's a sooner first step on the ladder for lots of people and you can carry on buying shares until you own your home 100%!

Further details

Find out if you’re eligible for our Shared Ownership scheme by contacting our sales team:

We also have a number of re-sale Shared Ownership properties to view.

Shared ownership frequently asked questions

Find out answers to some frequently asked questions about shared ownership:

Why should I consider Shared Ownership?

With rising house prices and a generation that feels disillusioned with the prospect of buying, Shared Ownership is more relevant than ever.

It’s another option

If buying on the open market feels impossible, and you’ve had enough of renting, shared ownership is another avenue for buying your own home.

The deposit’s smaller

Because you’re only buying a share of the home, the deposit is naturally a lot smaller. Typically around 5% of the share you are buying.

It’s an investment

It’s a way of putting your money into your own home, even if you can’t afford to buy on the open market.

It’s yours

Shared Ownership homes don’t have a lot of the same restrictions as renting. You can decorate, sometimes stay for at least 125 years, buy more shares when you want and sell when you want.

What are the costs?

First you'll need a deposit, typically between 5-10% of the share you’re buying. This could be as little as £2,000.

After you’ve put down a deposit and paid any legal fees, you'll be paying your mortgage, rent and possibly a service charge each month. Your mortgage is worked out based on the size of the share you have bought and your rent is paid to Thirteen.

So, let’s say you decide to buy a 25% share of a £150,000 Shared Ownership home, and you put down a deposit of 5%.

You will need a mortgage for the 25% which is £37,500, which means your 5% deposit would be £1,875 and your rent would be approximately £293 a month.

Does the mortgage work the same as when buying on the open market?

Yes, pretty much. You are buying a share of a home, so you pay a mortgage on the part you own. Our financial advisors can help suggest which type of mortgage will be best for your based on your situation.

How much of the home can I own?

That is down to your financial circumstances. Our financial advisors will determine the share of the home that is right for you.

The smallest share you can buy is 25% and the largest share you can buy is 75%. Over time, you can usually staircase (buy more shares of the home) all the way up to 100%.

What is staircasing?

‘Staircasing’ is a term that refers to increasing the share of the home you own. You can do it gradually over time to eventually own your home 100%.

The cost of additional shares is calculated by the market value of your home when you decide to start staircasing. You need to get an independent valuation of your home each time you staircase.

Some homes may have a cap on the amount of shares you can buy. Make sure you discuss this with our sales executives so you’re clear on exactly how much you can staircase before you buy the home.

If you’re looking to staircase in your current Shared Ownership home you will need to contact your leasehold co-ordinator on 0300 111 1000 to discuss your options.

Can I sub-let?

It’s usually fine to have a lodger, but no, sub-letting is not allowed. This includes Airbnb, unfortunately.

Can I sell my home? How does it work?

Yes, you own your share so it’s yours to sell whenever you want. You’ll essentially be selling your share to another Shared Ownership buyer through Thirteen and our property listing channels. You will need to get its market value determined by an independent surveyor.

If you’ve staircased all the way to 100% and own your home fully, you can often sell on the open market – but we will have first refusal to buy it back.

Selling back to us means you might make less of a mark-up, but it’s usually quicker and easier than selling it on the open market. It also means we can carry on using your home to help other people become homeowners.

If you’re looking to sell your current Shared Ownership, home you'll need to contact your leasehold co-ordinator on 0300 111 1000 to discuss your options.

What am I responsible for?

You would be a home owner, so it’s up to you to keep the place in good condition and fix anything you’re not happy with – you are responsible for repairs and maintenance inside and outside of your home.

Can I renovate or decorate?

Within reason! You don’t need permission to hang pictures, strip wallpaper or paint every room a different colour. But knocking down walls or any other structural changes will need permission from your leasehold co-ordinator. Of course, any improvements you make to your home will be taken into account when you want to sell – it could increase its value.

Can I keep pets?

This can be a tricky one. If you’re buying a house, it’s usually fine to bring your pets. However, it all depends on your lease (your contract with us) so check it thoroughly and ask the question before you buy.

Is this related to ‘Help to buy’?

Yes, they both exist to help people buy a home. But they’re different. The Government is using the umbrella term ‘Help to buy’ to group a few different schemes that are helping people buy a home. (There’s a Help to Buy: ISA; Help to Buy: Equity Loan; and Help to Buy: Shared Ownership) The ‘Help to Buy’ you’ve probably heard about is the equity loan. It’s completely separate.

The main differences are:

Help to Buy: Equity Loan

It’s a loan provided by the Government (for your deposit and mortgage), that needs to be paid back over time.

Help to Buy: Shared Ownership

  • you buy a share, usually 25%-75%
  • you only pay a mortgage and deposit on the share you own
  • you pay rent on the rest.

Shared Ownership (what we're referring to)

The same as Help to Buy: Shared Ownership just with a non-branded name.

Can I choose the home I want?

On the whole, yes. You are not allocated a home or put in a random lottery. However, your financial circumstances do come into consideration.

Eligibility requirements do apply, so it’s best to find the home you like, contact us and we'll be able to do a quick check to make sure it’s right for you.

What is a leaseholder?

Shared Ownership homes are usually leasehold, meaning that shared owners are leaseholders. Your legal contract with the housing association is called a lease, and it makes you a homeowner. It states how long the lease is for, what you will be paying and what your responsibilities are.

Being a leaseholder is one of the main ways to own a home. Most leases are between 99 and 125 years. Shared ownership leases can be extended once you purchase 100% of your home. Your lease will contain all the details and costs for this process.

The lease makes you the homeowner so you're responsible for all the repairs and maintenance in your home.

Remember, the lease is a legal agreement. Your leasehold co-ordinator will go through this with you to make sure you agree and understand it all.

Next steps

If you’re interested in finding out more about Shared Ownership, please call our sales team on 0300 111 1000, or see our current properties available through Shared Ownership.

If you'd like to talk through your financial situation to see if Shared Ownership would be suitable for you, please get in touch with our money advice team by contacting us.