Shared ownership, not just for first time buyers

Shared ownership, not just for first time buyers!  

Sovereign is one of the South’s leading shared ownership providers, we have been helping customers to own their own home with shared ownership - a government scheme which helps you onto the property ladder at any stage of life - for over 20 years. Shared ownership allows you to purchase a percentage of a home with as little a 5% deposit of the share price, which is why it is praised by so many for helping them get on and up the property ladder.  

From 20 years old to 75 years old

Breaking the common misconception that it’s just for first time buyers and younger people, Sovereign has customers of all ages buying with shared ownership - in fact, last year we helped customers aged from 20 up to 75 to own their own home! Perhaps you are endlessly renting, maybe your living circumstances have changed or you are just at a stage in life where you are dreaming of owning your own home - shared ownership could be for you.   

What Sovereign and other shared ownership providers offer is a property ladder that is open to anyone who may be unable to buy a home on the open market due to the large mortgage requirements, or perhaps are unable to save for the deposit. When it comes to applying for a mortgage, you apply for the share price amount, which is why this scheme helps so many people who are unable to buy at full market value.  

How shared ownership helped Rose own a home again

Our shared owner, Rose, had been a homeowner for many years having bought her first property before she got married. Following her divorce, the house was sold and the proceeds were split which left Rose unable to buy a property outright. Unaware that shared ownership could be an option for her, Rose was given more information about the scheme and contacted Help to Buy South. Rose decided to apply for a 2 bedroom semi-detached home in Hampshire. She used money from the sale of her home and put down a deposit of £60,000 and with her salary, she secured a mortgage of £54,000 for the rest of the share.  

Rose has now moved in and is very happy with her home. “It’s great – it’s so modern, with a beautifully fitted kitchen and bathroom,” she says. “I have my own driveway, with space for two cars. For a two-bedroom property, it’s very large, with a really nice sized garden. The development is not too big, and it’s on the edge of the countryside.  

“It’s still very new here, so not a lot of people have moved in yet, but everyone is really friendly. I have a great neighbour who’s shared ownership, same as me.”  

Although Rose put down a large deposit, she believes that shared ownership is ideal for people who don’t have a huge amount of money to use for a deposit, as you only need a 5% deposit of the share value. It's also ideal for those that are on a single salary that are unable to secure a mortgage on a home on the open market “The home is yours, so you’re secure, but you’re not scrimping to pay a big mortgage,” she says. “Also, you’re not wasting money on private rent. If you’re paying rent you can’t afford to save for a deposit.” 

She hopes to stay in her home for a very long time – “For the rest of my life!” she says. “I can buy more shares at any time. Hopefully, if I can afford to, I’d like to own the place outright one day.” 

Secure your home with shared ownership

The market for affordable homes is growing, and education of this scheme is important, especially if you didn't believe it could be an option for you. Like any other home purchase, you should do your research before taking the plunge. We have dedicated sales consultants who are there on the phones and online to answer any questions you may have before deciding to take the first step.