We partner with you to share the cost of buying your own home – you pay for the part you can afford and we’ll pay for the part that’s left.
It’s an opportunity to buy the home that’s right for you without needing the large deposit or the mortgage that goes with it.
Shared Ownership could be for you if:
- You are over the age of 18
- Your household income is less than £80,000
- You don’t already own a home at the time of buying your shared ownership property
How does it work?
You buy a share in the home that’s right for you. That could be from 10% initially, but it's typically between 25% and 40%. You’ll pay a reduced rent on the share that we own and a monthly service charge towards the upkeep of communal areas and/or shared outdoor spaces.
As your finances allow, you can buy further shares in your home as and when you choose, meaning you’ll own more and pay less rent.
Typically, you’ll only need a deposit that is 5% of the value of your share, rather than of the total property value, meaning you could get moving sooner than you thought.
When you’re ready to start your Shared Ownership journey, there are seven simple steps to finding your new home. You can read the detail of each step of the journey here.
A deposit for a shared ownership home can start from just 5% of the share value you’re looking to buy. So for example:
If you’re looking to buy a home that has a 40% share value of £80,000, then your deposit could be as little as £4,000 - meaning you may be able to get on the property ladder sooner than first thought!
You can speak to our panel of financial advisors for more information around affordability.
You’ll want to make your new home just right for you – and that might mean redecorating and carrying out home improvements.
For lighter improvements such as painting, decorating and hanging shelves, you're free to be as creative as you like.
For any major works such as a new kitchen or bathroom, or even an extension, you'll need written approval from us, and in some cases also from your mortgage lender - you may also need planning permission and building regulations approvals!
Your shared ownership home is just that – jointly owned between you and us, so when you’re ready to sell and move on, we’re here to help.
As part of your lease, we have eight weeks to help sell your share to someone looking for home like yours with shared ownership.
During these eight weeks, we’ll advertise your home on our website and the Help to Buy website to help find you a buyer. If after this time we haven’t found a buyer for your share, we’ll still market your home – but you’ll also be able to market your share, either yourself or through an estate agent of your choice.
Check out the information on our selling your home page for more information.Selling your home