Shared Ownership
Shared Ownership – A More Affordable Way to Own Your Home
Shared ownership is a government-backed scheme that helps first-time buyers and those who can’t afford a full mortgage get onto the property ladder. By purchasing a share of a home and paying rent on the remainder, you can achieve homeownership with a lower deposit and mortgage.
What is Shared Ownership?
Shared ownership allows you to buy a share of a property (usually between 25% and 75%) while paying rent on the remaining portion owned by a housing association. Over time, you can increase your share through a process called ‘staircasing’ until you own the property outright.
How Does It Work?
You purchase a share of the property (typically between 25% and 75%).
You take out a mortgage on your share and pay rent on the remaining portion.
Over time, you can buy more shares in the property, reducing the rent you pay.
In most cases, when you own 100%, you will no longer pay rent.
Who is Eligible for Shared Ownership?
First-time buyers and those who don’t currently own a home.
Households earning £80,000 or less per year (£90,000 or less in London).
Those who cannot afford to buy a suitable home on the open market.
Military personnel receive priority access to the scheme.
Benefits of Shared Ownership
Lower deposit requirements – Only pay a deposit on the share you buy.
More affordable monthly costs – Mortgage repayments and rent combined can be cheaper than buying outright.
Opportunity to increase ownership – Buy additional shares in the future when financially viable.
Security of homeownership – Unlike renting, you are investing in property ownership.
Key Considerations
You will need to pay rent on the portion of the property you don’t own.
Service charges and maintenance costs may still apply.
When staircasing, the cost of additional shares depends on the property’s market value at the time.
Selling a shared ownership home involves offering it back to the housing association first (in most cases).
Why Choose Us?
Expert shared ownership advice – We help you understand eligibility and the best mortgage options available.
Whole-of-market mortgage access – We find the best deals to suit your needs.
Guidance throughout the process – From application to completion, we support you at every step.
Tailored financial solutions – Ensuring affordability and future planning for staircasing.
Get Started Today
Shared ownership could be your path to affordable homeownership. Contact us today for expert mortgage advice and a free consultation.
