What is Shared Ownership?

Shared Ownership is a great way to get on to the property ladder when you can’t quite afford to buy a home on the open market. Shared Ownership allows you buy an initial share of your home between 25% and 75% based on your affordability. You will then pay a small monthly payment to rent the remaining share from us.

The scheme works by offering a percentage of the full market value of the property. For example, if your chosen property is worth £100,000 and you can finance a mortgage of £50,000 you would eligible for a 50% share and would pay a discounted rent amount on the remaining 50% share that we own.

When you’re in your home, you can purchase additional shares or even the remaining share until you own the property outright. There are no timescales or deadlines on when you have to do this, it is completely your decision. This process is called staircasing. The more shares you purchase, the lower your monthly rent payments will be.
 

Am I eligible?

You are eligible for the scheme if :

- You have a house hold income of less than £80,000
- You are a first time buyer
- You have no ties to any other properties on completion
- You are unable to buy on the open market
 

How much will it cost?

The deposit amount will be variable depending on which lender your mortgage is with. You should also take into account the reservation fee of *£300, the mortgage valuation cost, legal fees and general moving in costs.

Do banks lend on Shared Ownership properties?

Yes, there is a wide range of mortgage products available to people purchasing a Shared Ownership home, with a surge in high street lenders who are now on board. The size of the deposit depends on a number of factors, but mortgages are available with deposits ranging from as little as 5% of the value of the share you purchase.
 

Where can I apply for the scheme?

To check you are eligible for the scheme and to apply, you just need to complete a form on the Help to Buy NEYH website here. Once this is approved, you can then book a viewing with our sales teams at the property you desire.
 

How do I reserve a property?

We ask for a non-refundable *£300 reservation fee which is taken off the completion statement at the end. Along with this, we will need proof of funds that you can afford to purchase this share of the property.

*Please be aware that a £300 reservation fee is dependent per scheme