What is Shared Ownership?

Shared Ownership is a government-backed scheme, which provides you with the perfect opportunity to get a foot on the property ladder. Even though you are only purchasing a share, your home will definitely feel like your own, as you are free to decorate and personalise it to your own taste. 

The main eligibility criteria for Shared Ownership are:

  • Your household income does not exceed £80,000 per year
  • You have a deposit (at least 5% of the share value)
  • You are a first-time buyer or you used to own a home, but cannot afford to buy outright now
  • The Shared Ownership property will be your principle and only home
  • You have passed a Homes England affordability calculator, demonstrating you are financially able to buy the share value and support the monthly costs
  • You have registered with a Help to Buy Agent
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If you're struggling to get on to the property ladder and don't have a big deposit, Shared Ownership could help make owning your dream home a reality.

Key Benefits of Shared Ownership

  • As the home deposit is taken as a percentage of the share price, you can buy a home with a smaller deposit
  • As you're only buying a share of the property, your mortgage costs will be smaller
  • The rent payments you make on the property are lower than renting privately
  • You can sell your share of the property at any time
  • You can buy more shares of the property after the initial agreement, usually up to 100%, allowing you to own the property outright
  • If your lease allows, you may be entitled to a £500 per year contribution towards repairs your property may require
  • You can decorate and personalise your new home to make it your own