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Shared ownership

Are you looking to get onto the property ladder, but can't quite afford it? We can help.

Our shared ownership scheme has been designed specifically for those who have a small deposit available but can't quite afford the mortgage on 100% of a home.

Buying a Shared Ownership property gives you the chance to buy a share of your home (between 25-75% of the property value) and pay rent on the remaining share. Then, as and when you can afford to, you can buy bigger shares and eventually own 100% of your home.

As of 2018 anyone using the Shared Ownership Scheme for homes worth up to £500,000 does not have to pay the Stamp Duty. This means that you could save up to £4000 on a home worth £200,000, making it easier for first time buyers.

To find out more about shared ownership, take a look at the information below, get in touch with us or visit the The Help to Buy North East Yorkshire and Humber website.

  • Shared ownership explained

    Shared ownership is a scheme delivered by Housing Associations to help people buy their own home; the initial share you buy is usually between 25% and 75% of the full purchase price and is tailored around your circumstances, making buying affordable now and in the future.

    Rent is then paid on the remaining percentage of the house the housing association still owns a share of.

    To download our Shared Ownership Guidance, click here.

  • How do you get a shared ownership home?

    There are certain criteria which must be met to qualify for a shared ownership home, you must:

    • Have a gross household income of less than £80,000
    • Be aged 18 or over
    • Be in current employment
    • Have a good credit history
    • Have savings or access to approximately £1,500 (this does not include the value of the deposit required for a mortgage) and
    • 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. Certain shared ownership schemes may require a local or working connection.

    For more information about whether you'd be eligible to buy a property on the shared ownership scheme please complete the below contact form.

    Get in touch

    Data Protection Statement

    Any personal information you provide to us on this form will be treated in accordance with current UK data protection law and our data protection policies, procedures and privacy notices in place from time to time. For full details of how we will use your personal information and comply with current UK data protection law please see our privacy notice. A copy of our privacy notice is available at www.ongo.co.uk or on request.

  • The buying process

    Buying a home can be complicated, time consuming and it is likely to be the single biggest financial commitment you will ever make. But, there is nothing quite like the moment when you receive the keys and move in to your own new home.

    But before you can move in

    Once you have been approved for your eligibility and can afford to buy a share of the property and the rent and services charges, you will then need to pay what is called a 'Reservation Fee'. You will be sent an offer letter that will detail just what timescales the process will take, this will be outline each step and when they need to be completed by.

    Then after you have moved in

    We will provide you with great customer service aftercare giving you all the details of the team that can help you with any queries or problems you may come across following your initial move into your property.

  • Am I eligible?

    Each application for an Ongo Homes shared ownership property will be assessed individually, but here are details of the criteria you have to meet to be considered for the scheme:

    • Gross household income of less than £80,000
    • Aged 18 or over 
    • In current employment 
    • Have a good credit history 
    • Have savings of, 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.

  • Affordability criteria

    Ongo Homes will verify that:

    • You cannot afford to buy a home outright on the open market that would meet your housing need
    • Have sufficient savings, or access to funds to meet the purchase costs associated with buying a home
    • You have a good credit history 
    • You are able to afford the total monthly outgoings associated with the purchase of a home suitable for your reasonable needs.

    Applicants will need to provide:

    • Evidence of salary by providing three most recent wage slips and/or bank statements
    • Proof of savings that meet the costs associated with the purchase
    • Proof of current residency 
    • Proof of identity

    Your application will be rejected if you:

    • Fail to meet the affordability criteria 
    • Are an un discharged bankrupt or have unsatisfied County Court Judgements 
    • Are reliant upon guarantors to support a mortgage
    • Can comfortably afford to buy the property at 100% open market value

    More information

    If you'd like us to do a quick check on your eligibility, please leave us your details below and we'll be in touch as soon as we can to go through some details with you.

    Get in touch

    Data Protection Statement

    Any personal information you provide to us on this form will be treated in accordance with current UK data protection law and our data protection policies, procedures and privacy notices in place from time to time. For full details of how we will use your personal information and comply with current UK data protection law please see our privacy notice. A copy of our privacy notice is available at www.ongo.co.uk or on request.

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