How shared ownership works
When you buy a home through shared ownership, you buy a share of the property and pay rent on the rest. You will need to pay:
- a deposit of at least 5% of your share in the property
- a mortgage on the share you own, usually between 10% and 75%
- rent on the share of the property you don’t own
It’s likely you’ll also need to pay monthly service charges and ground rent.
You can increase the share you own in the property through a process known as staircasing. In most cases you can increase your share to 75%, but you may be able to increase it to 100%.
Who can buy a home through shared ownership
You can apply to buy a home through shared ownership if you are over 18 years old and have an annual household income of less than £80,000 (£90,000 in London).
You can be a first-time buyer, an existing shared ownership homeowner or a former homeowner who can’t afford to buy a home that meets their needs.
You can see more information on shared ownership on the government’s website, gov.uk.
We currently manage 14 shared ownership properties. If you’d like more information or are interested in buying a home through shared ownership, please call us on 01594 838 000 or email [email protected].
We may not always have a shared ownership property available to buy.
What is the Right to Acquire?
Right to Acquire is a government scheme that gives tenants who have held an assured tenancy with any public sector landlord for at least three years the right to acquire their home with a discount. The longer you’ve been a tenant the more discount you’re entitled to.
If you’re interested in the scheme, please get in touch with us to see if you’re eligible. There are exceptions and some houses cannot be bought.
The government also has a similar Right to Buy scheme, but this is only open to tenants in local authority housing.
You can find out more about Right to Acquire on the government’s website, gov.uk.