Shared Ownership

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.

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.
 

FAQs #

  • 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.

 

Ellie can help you get started

We're excited to partner with you on this journey - whether you have questions, need advice, or are ready to start your mortgage application, we are here to help. Schedule your initial consultation today.

Download our First Time Buyers guide

Our free First Time Buyers guide is a great resource to help guide you through the process of buying your first house. Learn everything you need to make the process as smooth and stress-free as possible.

  • Checkmark Where to start
  • Checkmark Getting a mortgage in principle
  • Checkmark Viewing houses
  • Checkmark Putting in an an offer
  • Checkmark Mortgage application
  • Checkmark Insurance
  • Checkmark Valuations & Surverys
  • Checkmark Solicitors
  • Checkmark Exchange of Contracts
  • Checkmark Moving day!