Shared ownership explained

Shared ownership is an exciting step onto the property ladder. It’s a flexible, affordable, government-backed way to buy a home that works for you now, and for your future.

With shared ownership, you can start by purchasing a share of your home, usually between 10% and 75%, depending on the development. The exact share is based on your deposit, mortgage, and a financial assessment to make sure it’s affordable for you. You’ll then pay rent on the portion you don’t yet own.

Over time, you can buy more shares when it suits you; this is called staircasing. Each time you staircase, your rent decreases, and in most cases, you can continue until you own your home outright.

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Benefits of shared ownership

Your monthly payments go towards something that is yours.
You only buy what you can afford, avoiding financial strain.
A smaller deposit than purchasing outright.
In most cases, you have the option to buy more shares.
Choose not to increase your share.

Benefits of shared ownership

Your monthly payments go towards something that is yours.
You only buy what you can afford, avoiding financial strain.
A smaller deposit than purchasing outright.
In most cases, you have the option to buy more shares.
Choose not to increase your share.

Do I qualify for shared ownership?

Your household income must be under £90,000 if you’re buying in a London borough, or £80,000 if you’re buying anywhere else.
You need to be a first-time buyer or someone who cannot afford to buy a suitable home on the open market.
Already a shared owner? Your current home needs to be under offer before you reserve a new one.
If you own a home (not through shared ownership), you must have sold, or be in the process of selling your home before applying.
The shared ownership home must be your main home. Subletting it, or part of it, is not allowed.
You’ll need to afford the minimum share and pass a quick affordability check to make sure you can get a mortgage.
You must register with an independently qualified financial advisor.

Tip: We have contact details of several independent financial advisors and solicitors who are both experienced in shared ownership sales, as well as our developments. If you need help finding one, just let us know.

What costs are involved in shared ownership?

We know buying a home is a big step, and budgeting for it all can feel a little overwhelming. So, we’ve broken it down to give you a clearer idea of what to expect.