Shared Ownership

Shared Ownership allows you to buy a share in a new home, ranging from 25% to 75%, depending on what you can afford. A housing association owns the remaining share and you pay a reduced rent on that share. This means that you need to get a smaller mortgage to buy the property and will also need a smaller deposit. You can buy more shares as and when you can afford them – this is called Staircasing – and as you buy more shares, you will pay less rent. 

1. Are you eligible? To apply for a Shared Ownership home you need to meet the criteria set by the Government. You can buy your home with Shared Ownership if your annual household income does not exceed £80,000 (£90,000 in London). 

2. Find a property. You can search the www.helptobuy.gov.uk/equity-loan/find-helptobuy-agent/ website to find your local provider for all New Build Shared Ownership in your area and once you have chosen your property, you’ll need to complete their application form. You can also search Rightmove and SharetoBuy for even more New build and Resale Shared Ownership properties. All properties will be sold via Housing Associations and they will have their own application process; it’s nothing to worry about, just a system to ensure that Affordable Shared Ownership properties go to the people they should. The Housing Association will ask you to supply certain documents and information, such as 3 months’ payslips, proof of savings, proof of ID and proof of address.