Shared Ownership Mortgages

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Shared ownership is a government scheme run in conjunction with housing associations aimed at helping people get on to the property ladder, in particular first time buyers who are unable to afford to purchase 100% of a property. If you're a first-time buyer, a Shared Ownership scheme is another useful option.
Shared Ownership mortgages are designed to help non-homeowners step onto the property ladder. Part of the Government’s Help To Buy scheme, they allow you to take out a mortgage on a share of a property currently owned by a housing association
How you apply for a shared ownership depends on where you live. Before you apply, you’ll need to check if you’re eligible for the scheme in your area.
Why consider a Shared Ownership purchase?

  • You buy a share of between 25% and 75% of your new home. The share you can purchase will depend on the vendor, what you can afford and the eligibility criteria.

  • You pay a subsidised rent on the remaining share to the housing association or housing authority, along with a monthly service charge.

  • Staircasing – This means buying additional shares in a Shared Ownership property. You can do this at any time, normally at a minimum of a further 10% share each time. The housing association instructs an RICS surveyor to conduct the valuation and normally as you are the applicant, you pay the valuation fee. The current market value will dictate the price you pay.

Some housing associations also consider non-first time buyers in certain circumstances. This could be if you're buying your first property alone after a divorce or family breakdown. Other exceptions will depend upon the housing association's individual terms. Many housing associations require buyers to be UK/EU/EEA citizens while others will consider non-UK citizens, subject to visa status.

We give you access to a range of lenders who'll consider a shared ownership application. Currently, the vast majority of lenders that offer shared ownership mortgages require a minimum deposit of 5% of the property's full market value. There are however a few lenders that will consider up to 100% of the share been purchased.