Shared Ownership

Shared Ownership offers buyers the opportunity to step on to the property ladder when they may not be able to on the open market.

How does it work?

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. Based upon your affordability, you can buy an initial share of your home between 25%* and 75% and make a small monthly rent payment for the remaining share that we retain.

You can purchase additional shares as and when you can afford it, this is called ‘staircasing’. There are no timescales or deadlines on when you must staircase however, the more shares you purchase, the lower your monthly rent payments become.

*minimum shares may vary depending on the individual property. Please speak with our sales team for further information. 


Am I eligible?

You are eligible for Shared Ownership if:

  • You have a household income of less than £80,000
  • You have no ties to any other properties on completion
  • You are unable to buy on the open market

Want to know how much the costs on a shared ownership home would be? Why not try out our shared ownership calculator.

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The advantages of Shared Ownership

  • You can buy as much of the property as you can afford
  • It’s a great way to get out of the renting cycle and become a home-owner
  • You can own a high quality, new build home affordably
  • It’s a manageable way to purchase a home without needing a huge deposit
  • You own the home and can decorate it however you like
  • You can sell your home at any time and will benefit from any increase in value
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 for the shared ownership scheme?
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 shared ownership 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.

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