Shared ownership can help get you on the property ladder quickly by allowing you to purchase a share of a property while paying rent on the remaining share.
Our team of experts can walk you through the requirements needed for a shared ownership mortgage and help you plan your journey to becoming a homeowner.
How does a shared ownership mortgage work?
Shared ownership mortgages allow buyers to purchase a share of a property between 25% and 75%. Rent would then be paid on the remaining share.
What are the advantages of shared ownership?
A shared ownership mortgage can help lower income individuals and families get on the property ladder with only a small deposit needed.
What are the requirements for shared ownership?
To apply for shared ownership your income must be less than £80,000 (Outside of London) If you are a current homeowner, you must be in the process of selling your property.
Questions & Answers
Shared ownership requires a 5% to 10% deposit of the property share you are buying.
You can buy further shares in your property after a certain period of time, depending on the terms agreed. This is known as staircasing.
You will need to notify your housing association if you plan to make major home improvements such as structural changes or extensions.