What is shared ownership?

Shared ownership is a scheme delivered by Housing Associations to help people buy their own home, where the buyer will purchase a share of the property ranging from 25% - 75% of the house using a deposit and paying a mortgage in the usual manner. The share bought will be determine by an affordability assessment carried out during the application stages. Rent is then paid on the remaining percentage of the house that the housing association still owns a share of. People can build up their share to eventually own 100% and be the owner of the house. 

How do you get a shared ownership home?

There are certain criteria which must be met to be able to qualify for a shared ownership home;

  • Gross household income of less than £80,000
  • Aged 18 or over
  • In current employment
  • Have a good credit history
  • Having savings or access to approximately £1,500 to cover the cost of buying a home (this does not include the value of the deposit required for a mortgage)
  • Understand that any property you currently own in the UK or abroad will need to be sold
  • In order to be considered for the scheme, you cannot be in a position to afford to buy a property at 100% value on the open market. Applicants will also be assessed based on their level of housing need as well as an affordability assessment. 

For more information about whether you'd be eligible to buy a property on the shared ownership scheme, just click here.

Page last updated: 30 November 2016

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