What is shared ownership?

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a property. You may be eligible to buy a home through the shared ownership scheme if you cannot afford the deposit and mortgage payments for a property on the open market.

It works by offering a ‘part buy, part rent’ way of purchasing your home for a smaller upfront payment – making it easier for you to get on the property ladder. The shares sold are usually between 10-75% of the property with a rent charged on the remaining share.

Once you become a shared owner, and when the time is right for you financially, you can buy more shares in your home through a process known as ‘staircasing’. When you buy more shares, you’ll pay less rent.

In some locations where property values are high, there may be restrictions on how much of the property owners can purchase. This is to help to ensure there will always be affordable homes available in the local area, for local people by keeping prices below 100% share values.