What Is Shared Ownership?

May, 2022

Let’s face it, getting on the property ladder isn’t getting any easier. Saving for a large deposit and getting accepted for a mortgage that’s enough to buy the home you want.

Shared Ownership helps you get on the property ladder when you don’t have the funds to buy the home of your dreams. You find a home with a Shared Ownership purchase option, and you buy a share (usually from 40% to 75%) making it affordable. You pay rent on the remaining bit. When you’re able to do so, you can buy more shares (called Staircasing) eventually leading to outright home ownership (in most cases). So, you get the home of your dreams, for a price you can afford.

How to Qualify for The Shared Ownership Scheme

There’re a few boxes that need ticking before you are able to buy a Shared Ownership home. These are:

  • You must be 18 or over
  • Your household is bringing in no more than £80,000 income a year (or £90,000 if you’re in London)
  • You don’t own a home already
  • You’re able to show you can afford to maintain the costs of owning your own home
  • You’re a British citizen or have indefinite leave to remain 

Why Should You Buy a Shared Ownership Scheme?

Shared Ownership costs are generally lower than alternative housing options for several reasons; it’s great for people who have the goal of owning their own home but do not have the funds to buy on the open market.

Shared Ownership offers rent that is less than the rate charged on the open market and often a low deposit.



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