Shared Ownership gives people that helping hand on to the property ladder when they may not be able to afford a home on the open market. To start with, a share percentage will be offered which will be between 25-75%, this will be calculated based upon your affordability. This will be the share you take a mortgage out for and it will become yours. This means that your deposit will be worked out based on the share price offered. We will own the remaining share of the property that you don’t buy and you will pay a discounted rent to us for this share.
Shared Ownership allows you to buy your home in stages, as you can afford it. This is called staircasing and you can buy more shares as and when you can afford it.
Am I eligible?
The criteria for Shared Ownership is fairly broad and you should be eligible if:
- Your household earns less than £80,000 per year.
- You are a first time buyer or used to own a home but cannot afford to buy one now.
- Able to obtain a mortgage and/or savings for your share. Deposits are typically 5-10% although may be higher in certain circumstances.
- Your income is sufficient to cover the mortgage, rent and service charges.
- Savings (or access to) £2,500 to cover the fees of buying your property plus the deposit.
- Have access to a minimum 5% deposit.
Shared Ownership Calculator
After taking a few details, the Shared Ownership calculator can give you a clear idea of what share size might be affordable.