Shared Ownership is a scheme to enable first time buyers to make their first step on the property ladder. It allows you to part-rent and part-buy your home, making it possible to buy a property which otherwise may not have been affordable. Shared Ownership offers an alternative to renting and is the ideal option if you cannot afford to buy a property outright but aspire to own your own home.
With Shared Ownership you buy a share of your chosen property (typically between 25% and 75%) on which you’ll have to take out a Shared Ownership Mortgage. You then pay rent, plus a service charge, on the remaining share you don’t own. Shared Ownership allows you to buy further shares of your property (Staircasing) when you can afford to do so, allowing you to completely own your home.
To find out more, check out our new Shared Ownership brochure, which hopefully answers all your questions.