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Shared Ownership

Taking Steps Towards Home Ownership

Shared ownership is a system that allows people to get onto the property ladder by buying a percentage (between 25% and 75%) of a home and paying rent on the remaining share.

It is aimed that those looking for affordable housing, such as first-time buyers, and can be taken out through schemes that are operated by both private companies as well as the government (UK Government, Help to Buy: Shared Ownership Scheme).

Staircasing

Properties purchased on a shared ownership basis are leasehold, meaning the buyer owns a lease of the property for a set period, typically 99 years. However, as time goes by, the occupiers are able to purchase further percentages in the property until they get to 100% and own the freehold. This is process is known as "staircasing".

Getting a Mortgage for Shared Ownership

Obtaining a mortgage for a share ownership purchase requires some research, and not all lenders provide mortgages on such a basis. Those that do tend to also have very different criteria and associated conditions. 

As with most mortgage deals, the larger your deposit the less risk you pose to the lender, potentially giving you access to better deals.

We are recommended by a large number of housing associations, as we have experience at supporting first time buyers looking to borrow for a shared ownership property.