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Shared ownership

Own it your way with shared ownership – the affordable way to own your own home.

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What is shared ownership?

Shared ownership means you can own your home in a way that works for you. It lets you buy a portion of a home and pay rent on the rest.  This helps lower the deposit and mortgage required.

You can increase your share over time, eventually owning the entire property. It’s a flexible way to step onto the property ladder and invest in your future.

Property search

Read our buyers’ guide

Read our guidelines

All you need to know about our shared ownership guidelines including cash buyer, adverse credit and assessment and affordability guidelines.

Finance and affordability guidelines

Can I take part in shared ownership?

To see if you can take part in shared ownership, use our quick eligibility tool.

Check eligibility

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Looking to rent instead?

Buying a house can be a huge commitment and you may feel that renting is a better option for you. Find out more about renting from us below.

Rent a home

FAQs

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What is shared ownership?

Shared ownership is a fantastic way to get on the property ladder when you’re unable to purchase a home on the open market. It allows you to buy a share in a property on a part buy/part rent basis and pay a subsidised rent on the part that you don’t own. Because you only need a mortgage for the share you are purchasing, you won’t need such a big deposit.

Over time you can purchase more shares in your property, known as ‘staircasing’. This can be done at any time after initial purchase and it will reduce the amount of rent you pay. In most cases you can staircase up to 100% ownership, with the rent you pay reducing to zero.

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Am I eligible for shared ownership?
Typically, you can buy a home through shared ownership if:
  • Your household income is £80,000 a year or less
  • You cannot afford all of the deposit and mortgage payments for a home that meets your needs

You don’t need to be a first time buyer, but you can’t own another home at the same time. If you already own a property you must have a sale agreed on it.

There are some other eligibility criteria – use our eligibility checker to see if you qualify.

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Can I use shared ownership on my current home?

Shared ownership is a scheme for new purchases. You can buy a new-build home or an existing shared ownership home that is for sale.

It can’t be used on properties that weren’t initially built for shared ownership.

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What costs and fees are there with shared ownership purchases?
Just like buying outright, there are extra costs when buying a home. Your purchase costs will include:
  • A reservation fee of up to £300
  • A home valuation
  • Your deposit
  • Any mortgage fees
  • Your solicitor’s fees
  • Stamp duty(where applicable)
When you register interest in a home, we will give you a ‘summary of costs’ known as a Key Information Document. This sets out the purchase costs, the monthly payments, and any future costs if you choose to buy more shares or sell the home.
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What percentage of the property can I buy?
The initial share you buy will be between 10% and 75% of the full purchase price, dependent upon which model lease you’ve purchased. The amount will be dependent on your circumstances, meaning it is not only affordable for you now, but in the future too.
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Does shared ownership mean sharing with another person?
No, shared ownership means you own part of your home and pay us rent on the remaining shares. It isn’t a house share scheme, so only you will live there.
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Does shared ownership mean I’ll never fully own my house and will have to pay rent forever?

You can buy more shares in your home through a process known as staircasing. You can usually buy additional shares up to 100% of the value of your home. If you staircase to 100% there will be no rent to pay as you will own the property outright.

However, some of our homes in rural areas or specifically for older people are restricted so you can only buy up to 75% or 80% of the property. This is to help keep sufficient affordable housing in the area.

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Are shared ownership homes only available to first-time buyers?

You don’t need to be a first-time buyer, but you can’t own another home at the same time.

There are some other criteria you must meet. Use our eligibility checker to see if you qualify.

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Can I purchase a 100% share straight away?
No. The initial share you buy will be between 10% and 75%. Over time you can increase your share of your home. You can usually buy additional shares up to 100% of the value of your home. However, some of our homes in rural areas or specifically for older people are restricted so you can only buy up to 75% or 80% of the property. This is to help keep sufficient affordable housing in the area.
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What happens if I want to sell?
You can sell your shared ownership home at any time. If you have less than a 100% share, you must inform us as we have the first option to buy back your home. If we can’t find a buyer for your home within a set period of time, you are able to sell your share on the open market through an estate agent.
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Who is responsible for maintenance and repairs of my shared ownership property?

As the leaseholder, you are responsible for the cost of repairs and maintenance of the home. If your home is a new build, you’ll be in a defects period for the first year which means the contractor who built your home will be responsible for repairs.

New homes will also come with a new build warranty. The type of warranty may vary from site to site.

If your home has been purchased under the new model lease, you may be able to claim towards general repairs that affect your heating and hot water and domestic services such as electrics, plumbing and sanitary.