Shared Ownership

When it comes to buying a property, the term “Shared Ownership” can be confusing. While you may use it to refer to a home that is owned with someone else - be it a parent, sibling, friend or even a complete stranger - in the housing industry it is used where a home is bought through a special scheme.

Shared Ownership is designed to bridge the affordability gap, in particular for first-time buyers between the mortgage they can afford to raise and the cost of a property.

Shared Ownership is an alternative to renting and full ownership. It is particularly suitable for people with a regular income who want to buy their own home but cannot afford to do so.

New Build Shared Ownership

These homes tend to be brand new properties or in some instances a home that has been refurbished.  You purchase a share of the propety which could be between 30% to 60% and pay a rent and a service charge on the part that you don't own. You can buy further shares in your home, in most cases, you can even own it outright. This is called 'Staircasing'.

Shared Ownership Re-sales

These are properties which have previously been purchased through Shared Ownership where the owner wants to sell their share and move on. When the purchase completes, you will own the share and pay a rent and a service charge on the remainder. In the same way you can 'Staircase' up until you own 100%.