This page refers to shared ownership scheme in England only, different rules apply in Northern Ireland, Scotland and Wales.

Shared ownership is a great way to get onto the property ladder quicker than saving a larger deposit for a more traditional property purchase. The scheme is open to anyone including clients with some historical credit blips to ensure everyone has the opportunity to purchase a home. Not many people know this, but, there are options available where you put in £0 deposit – Yes you read that right £0 deposit, subject to affordability and credit status. The vast majority of shared ownership properties are new builds that you will work with us, the builder and housing association to make your dreams a reality. You cannot own a property at all to take advantage of the shared ownership scheme it must be your only property  -You can sell and move to one so effectively move home or be a first time buyer. You must earn less than £80,000 if you are outside London also to be able to take advantage of the scheme.

What is different about a shared ownership mortgage?

Shared ownership mortgages are designed to allow people to purchase a smaller portion of an overall properties value, for example a property worth £300,000 – If you were buying a 25% share you would purchase £75,000 and rent the remaining £225,000 from the housing association at an agreed amount. This allows you if you have a smaller deposit or in some cases no deposit at all to get onto the property ladder rather than requiting a 5% deposit as a minimum with more traditional properties.

What is the difference between shared ownership and renting?

There are a whole host of more positives about using the shared ownership scheme versus renting. We LOVE the shared ownership scheme rather than renting and a few points below gives you our reasons why

Renting

1.You can’t Decorate

2.No equity

3.Can be served notice/evicted

4.Risk of losing Deposit

Shared Ownership

1.Can build equity

2.Can decorate

3.Value can increase

4.No risk of being served notice/evicted

5.Can sell when you want to

Your home may be repossessed if you do not keep up repayments on your mortgage