At need-a-mortgage.co.uk, we’ve helped many customers purchase their homes through affordable housing schemes. Shared ownership is a great option for getting on the property ladder without needing a large deposit.

What is Shared Ownership?

Shared ownership lets you buy a share of a home based on your deposit and affordability. The remaining share is owned by a local housing association, and you pay rent on this portion.

How Does Shared Ownership Work?

You purchase a percentage of the property (usually between 25% and 75%) and pay rent on the remaining share. Over time, you can buy additional shares, a process known as staircasing, eventually owning the property outright.

Benefits of Shared Ownership

Shared ownership offers several advantages. Lower deposit requirements mean you only need a deposit for the share you’re buying, making it more affordable than buying outright. Monthly payments are lower since you pay a mortgage on your share and rent on the remaining share. You can buy more shares over time, increasing your ownership and reducing your rent. We provide guidance and assistance every step of the way.

Eligibility for Shared Ownership

To qualify for shared ownership in England, you typically need to have a household income below £80,000 per year (or £90,000 in London). You should be a first-time buyer, an existing shared owner, or a former homeowner who can’t afford to buy now. Additionally, you must have a good credit history and be able to afford regular payments and costs involved in buying a home.

Important Note on Regional Differences

Please note that shared ownership rules differ in Northern Ireland, and the Right to Buy (RTB) scheme is no longer available in Scotland or Wales.

How We Can Help

At need-a-mortgage.co.uk, we guide you through the shared ownership process, from assessing your eligibility to finding a property and securing a mortgage. Our experts are dedicated to helping you achieve homeownership affordably and efficiently.

Conclusion

Shared ownership is a valuable option for affordable homeownership in England. With lower deposit requirements and the ability to increase your ownership stake over time, it offers a practical path to owning your home. Contact us today to learn more about how we can assist you with shared ownership.