Shared ownership
You can buy a home through the shared ownership scheme if you cannot afford all the deposit and mortgage payments for a home that meets your needs.
It allows you to purchase a percentage of a property rather than buying 100% outright. The property might be on a new build development, or a property being resold as a shared ownership property.
Depending on the conditions of the scheme you could start by buying as little as a 1% share of the property. Often purchasers can initially buy between 25% and 75% of the property, but you can buy more shares in the property which could eventually lead to you owning 100% of the property. Some but not all schemes allow this.
When you buy a home through shared ownership, you:
- pay rent on the share of the property you don't own
- the property can be purchased with a mortgage and savings
- the remaining shares are usually owned by a housing association and an affordable rent is charged on this share
Am I eligible for a Shared Ownership property?
You will need to meet certain criteria to be eligible to buy a Shared Ownership property. The criteria can vary on each scheme but will take into account your annual household income (household must earn less than £80,000 a year) and you will have to pass a financial assessment demonstrating that you are financially able to purchase and support the monthly costs.
Some developments require you to have a local connection. This will be outlined in the individual eligibility criteria.
Shared ownership homes can be found on national home selling sites such as
Can I buy additional shares?
Yes, you could increase the share you own in your property at any time after you complete your purchase. This is known as 'staircasing'. As you increase your share in the property, the amount you pay in rent will decrease. Before you purchase make sure you check the terms about 'staircasing'.
Can I sublet the property?
No, you are unable to sublet your entire property, however you could let out a room under the GOV.UK - rent a room scheme.