What is Shared Ownership?
Shared-ownership is a great way into home ownership. If you can't afford to buy outright, you can part buy and part rent your home.
We offer shared ownership properties to purchase at 25%, 50% or 75% shares. You pay a rent on the share that you don't buy. The bigger the share that you purchase, the less rent you have to pay. The share you purchase is usually funded by a mortgage, which you will need to arrange with a bank or building society. The remaining share you do not own is rented.
When you can afford to do so, you can buy more shares until you own your home outright. Please note that this does not apply on all our Leasehold Retirement Schemes. You cannot proceed with purchasing more shares until you have been in your property for one year.
Priority will be given to those not able to purchase outright in the open market and first time buyers. We will take into consideration the local housing market and availability of alternative housing when considering applications.
The Government has introduced a scheme, branded as HomeBuy, to help people get a foot on the property ladder.There are three parts to the HomeBuy scheme:
-
New Build HomeBuy, where you share ownership of your home with a housing association;
-
Open Market HomeBuy, where you part-buy a property and get a loan from the Government for the rest;
-
Social HomeBuy, where housing association and local authority tenants are helped to buy their current home.
For many people, these schemes will provide an opportunity to own a home in the area in which they want to live and work. For further information on HomeBuy please take a look in our Find a Home section or alternatively click here.
Please see our FAQ's for more information or visit our residents information pages. Alternatively if you still have further questions please contact us.
