What is Shared Ownership?
Shared Ownership is a part buy, part rent scheme, which enables purchasers to buy a home in stages. Shared ownership is a simple, way for you to own your own home if you can not afford to buy it outright. It means that instead of finding a full mortgage for your new home, you can buy part of it and pay a subsidised rent to us on the other half. In the future you can buy more shares and increase your equity in the home or even purchase it outright in most cases.

How much will it cost me each month?
Each month, you will need to pay your mortgage, rent and a Service Charge to cover the cost of communal maintenance and buildings insurance. The property details in the Home For Sale section will give you an idea of the costs you can expect based on a 50% share of the property. If you are interested in buying more or less shares, we can work out the amount for you.

Will I qualify?
If you could afford to buy a property outright, you will not qualify for Shared Ownership.

You will need to have

• sufficient savings to cover the initial cost of home ownership: such as legal fees and stamp duty
• be able to meet the costs of rent, mortgage, service charges and other associated outgoings

What about repairs and improvements to my home?
Just like a normal home owner, you will be responsible for all repairs, decoration and maintenance of the property. If you want to improve your home further then until you own 100% of the property, you talk to us first. You may also need to contact your mortgage lender and obtain permission with regards to building regulations etc from the local authority.

When can I buy more shares in my home?
After one year of occupancy you can increase your share or take on the full ownership of your home at any point.

An independent valuer will decide the price of further shares based on the market value of the property at the time you decide to staircase.

Can I sell my share if I want to move?
You can sell your share to someone else as long as they would qualify for a Shared Ownership home in their own right (see above)