Shared ownership

If you want to get on the property ladder then shared ownership could be a good way to help you take your first step up.

What is shared ownership?

 

Shared ownership is a government backed scheme that is designed as a stepping stone to completely owning your own home. If you're thinking of buying your first home and want to know more about shared ownership? Download our first time buyer guide.

Shared ownership infographic

Who is shared ownership for?

Shared ownership is ideal for aspiring homeowners who are unable to buy a home outright and would rather buy what they can afford, when they can afford it.

How does shared ownership work?

You can get your foot on the property ladder through the Home Group shared ownership scheme. This popular scheme lets you pay for a share of your home and only pay rent and service charges for the share you don’t own at a reduced rate. You start off buying a share (usually between 25 – 75%) in your new home on a leasehold basis.

What is staircasing?

As time goes on, you can then buy more shares when you can afford it, gradually increasing the percentage you own until you become a full owner - this is known as staircasing.

See shared ownership homes in your area.

Do you qualify for shared ownership?

  • You don't currently own a home or have an interest in a home and can't afford to buy one outright
  • You have at least a 5% deposit available for the percentage of the home you'd like to purchase
  • Your combined household income is less than £80,000 or less than £90,000 in London
  • You can afford the monthly mortgage, rent and service charge payments

  • Once I have shared ownership, can I ever fully own my home?

  • What costs will I be responsible for as a shared ownership customer?

    • As a shared owner, you will have the same rights and responsibilities as a full owner-occupier. That means you’ll sign a lease that requires you to be fully responsible for all the costs of your property, including repairs, regardless of the percentage of the property that you originally bought.
  • What happens if I want to sell my shared ownership home?

    • You can sell your shared ownership home at any time. You can either sell the share you own to someone we nominate or you can buy the remaining share and sell the property if the lease allows. You will benefit from any increase in your home’s value according to your share.