Shared Ownership is an excellent way for people to take their first step onto the property ladder. You buy a share of between 25% and 75% of the property's value and pay a subsidised rent on the remaining share. A key advantage of this is that, as part-owner, you have a security of tenure that renting cannot offer.
Over time, you can buy a larger share of the property, until you own 100%. You will need a small deposit at the outset – generally a minimum of 5% of your share, subject to conditions – and you will need to raise a mortgage on the rest of the sum required.
In line with government priorities, priority for Shared Ownership homes is awarded to serving military personnel and former members of the British Armed Forces honourably discharged in the last two years. People who live or work in the local area also receive priority. We welcome applications from everyone and will try and help if we can.
There are certain conditions to be eligible for a Shared Ownership property:
You must be at least 18 years old.
You cannot afford to buy a home suitable for your needs on the open market. You will need sufficient savings for a mortgage deposit and a clean credit history to qualify for a mortgage.
Your annual household income must be less than £80,000.
You must be a first time buyer or existing shared owner*. If you already own a home, you need to move but you cannot afford to, then please discuss your situation with us. There are some circumstances under which you could be eligible.
*If you have a property to sell, we are happy to accept your reservation provided that you have a complete and secure chain and are in a position to purchase a home within our required deadlines. We will ask you for a memorandum of sale confirming details of your buyer, their solicitors and the estate agent handling the sale.