Shared Ownership

The government has created the Shared Ownership scheme to help hard-working people like you take steps to buy your own home.

 Shared Ownership

If you can’t quite afford the mortgage on 100% of a home,  Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.

You could buy a home through Shared Ownership in England if:

• your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
• you are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.

With Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations. You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. Shared Ownership properties are always leasehold.

Only military personnel will be given priority over other groups through government funded shared ownership schemes. However, councils with their own shared ownership home-building programmes may have some priority groups, based on local housing needs.

Government Help

The Help to Buy: ISA pays first-time buyers a government bonus. For example, save £200 a month and the Government will add £50, up to a maximum of £3,000, boosting your ISA savings of £12,000 to £15,000.

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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured against it.