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Shared ownership

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Shared ownership

Shared Ownership means you can part buy, part rent a home.

This gives you the ability to buy a small share of your home, and allows you to increase that share over time if you want to. It is ideal for first time buyers.

You can buy an initial share of your home, from 25% and you will pay rent on the remaining unpurchased share. As your share increases, the rent is reduced.

There is no pressure to buy outright unless you feel able to do so. The total monthly payments are usually lower than you would need for full home ownership or private rent.

Who can buy?

Households:

  • with income of less than £80,000
  • who can’t afford to buy on the open market
  • who are able to afford the property, and
  • have been approved by the local Help to Buy Agent
  • If you aren’t sure if you are eligible, we can offer support to check all of the above.

Buyers over the age of 55, may find it difficult to secure a mortgage but may be eligible for a special shared ownership scheme. (link to older peoples home ownership)

How can I buy?

You will need to have a deposit and a mortgage to buy, but we can help with that.

You may also be eligible for help to buy

Once you know you can buy, our sales teams will help you find your new home.

Where do you want to live?

View developments

Older peoples shared ownership

If you are over 55, you may be eligible for older peoples shared ownership.

This scheme recognises that as people age their housing needs change. It can become more difficult to access a mortgage. Some people may have equity in their current home and may be looking to downsize.

Older peoples shared ownership works in a similar way to shared ownership, where you can purchase a small amount and increase this as you feel you can. However, the maximum amount is capped at 75% so you will not own your home outright.

However at the point of 75%, you will not be required to pay rent on the share you do not own.


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