About Shared Ownership
What is Shared Ownership?
Shared Ownership is a government backed part buy/part rent scheme. It offers eligible first time buyers, who can’t afford to buy a home outright on the open market, the opportunity to buy a percentage of the property, renting the un-owned share at a subsidised rent level.
Buyers will usually purchase an initial share of between 25 and 75 percent, and you only require a minimal 5 percent deposit of the share you buy. The scheme acts as the first step on the ladder to home ownership. Ultimately, you can own your home outright by buying additional shares in the property, through a process called
You must be a first-time buyer to apply for Shared Ownership (excluding existing shared owners). Other eligibility criteria applies, including minimum and maximum income levels. You will be given priority if you already live or work in the area. Service charges also apply.
Some of the Benefits of Shared Ownership:
• You will own part of your home, rather than paying rent with no stake in the ownership.
• A smaller deposit is required than buying on the open market.
• You only buy what you and we feel you can afford so you don’t overstretch yourself financially.
• Monthly mortgage and rent payments are almost always less than buying outright, and are often less than renting on the open market.
• Staircasing allows you to buy more shares in the future.
• If you haven’t
• You are a leaseholder (link to leases page), not a tenant, so have the same rights and responsibilities as a leaseholder.
For further information, click here to download our Shared Ownership information booklet.