Shared Ownership

Shared ownership could be your step onto the property ladder. 

This home ownership scheme allows you to buy a share in your home (normally 50%) and rent the remaining share. Over time, you can buy more shares in your home. 

Don’t be confused by the term ‘shared ownership’. It does not mean that you will share your home with anyone else – you will have sole occupancy rights. But the ownership will be shared between you and a landlord or similar company.

Shared ownership properties are usually offered for sale by housing associations. You buy a share of a property, and pay rent to the housing association for the remainder. Your monthly outgoings will include repayments on any mortgage you have taken out, plus rent on the part of the property retained by the housing association. Later, as you can afford it, you may be be able to increase your share until you own the whole property.