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, starting from 25 percent, 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 must meet the following criteria:
- Have an income of less than £80,000.
- Cannot afford to buy on the open market.
- Are able to afford the property.
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.
How to Buy
Our shared ownership properties are sold through nominated estate agents. To find out more about purchasing one of our shared ownership homes, please contact us.
Older People's Shared Ownership
If you are over 55, you may be eligible for older people's 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 people's 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 percent, so you will not own your home outright.
At the point of 75 percent, you will not be required to pay rent on the share you do not own.
