What is Shared Ownership?

If you are wondering if the Shared Ownership scheme is right for you, or you're confused as to what Shared Ownership means, we are here to help.

Shared Ownership is available to first time buyers AND those who’ve previously owned a home

If you’ve owned a home before you can still take advantage of the Shared Ownership scheme, the only stipulation is you cannot currently own a home and you must be earning less than £80,000 (or £90,000 if you live in London). In Wales, you must have a combined income of less than £60,000. Find out more about Shared Ownership eligibility here.

You can own between 10% and 75% of your home and pay rent on the rest

So if you own 50%, you’ll take out a mortgage for half of the value of the home, and pay rent on the remaining half at a cheaper rate than the open market. You’ll usually pay rent to a Housing Association or similar organisation.

Enquire about Primrose Meadows here.

Shared Ownership lets you own between 10% and 75% of your home, paying a mortgage on your share and rent on the rest, with the option to buy more shares (in 10% increments) over time.

Can I buy more shares in my home?

If your circumstances change over time and you want to buy more shares in your home, you can do so in increments of 10%. This is called Staircasing. You can eventually own your home completely by buying all of the remaining shares. Find out more about Staircasing here.

Do I still need a deposit to buy with Shared Ownership?

To get a mortgage for the portion of the shares you will be buying, you’ll traditionally need to have a deposit equal to between 5 and 10% of the mortgage value. Speak to your mortgage advisor or lender for the latest information about mortgages.

Do I still have to pay fees?

Legal fees are still applicable for Shared Ownership properties. So factor this in to your budget before committing to buying.

Are Shared Ownership properties are always leasehold?

Yes - This means you’ll only ‘own’ the property for a fixed period of time. Often this is far longer than you’d want to live there, but make sure you find out how long the lease is before you buy as it may impact your mortgage application. Many leases of residential property are granted for a term of 99 years.

Will my credit history affect my eligibility?

Make sure you are aware of your credit score and any factors which may affect it. It’s important to demonstrate you’re able to manage your money efficiently, no matter how much you earn.

Can I decorate my Shared Ownership home?

It may be confusing, as you’re paying rent on your home, but you will be able to decorate your home however you like. Depending on the property there may be restrictions on major structural work, so be sure to check before you buy.

Enquire about The Woodlands at Halsnead Garden Village here.

If you’re over the age of 55, you’ll be eligible for the Over 55’s Shared Ownership scheme

Buying a Shared Ownership home is still possible if you’re over the age of 55, but you’ll only be able to own up to 75% of your home. There are other schemes for those with long-term disabilities, and for key workers.Click here to see more

Do I pay stamp duty on my Shared Ownership home?

Usually, you won’t need to pay Stamp Duty until you own 80% of the home, saving you money at the time of purchase, which can make things a lot easier.

Shared Ownership schemes vary by country in the UK

The percentage you can purchase may be different depending on where you buy the home:

• In England, you can buy shares of between 10% and 75% of the full market value
• In Scotland, you can buy a 25%, 50% or 75% share
• In Wales, you can buy shares of between 25% and 75% of what the home is worth

Find out more about Shared Ownership:

• gov.uk - Shared ownership homes: buying, improving and selling
• which.co.uk - Shared ownership