FAQs about shared ownership schemes

Shared ownership is a housing scheme that offers first-time buyers the opportunity to buy a share of a property and pay rent to a housing association at a reduced rate on the remaining share.

A magnifying glass placed under Frequently Asked Questions.
  • Who does it benefit?
  • Shared ownership benefits those who can only afford a small mortgage and those who have a smaller deposit. The scheme is available to anyone earning less than £80,000 a year (or £90,000 a year in London) who don’t already own a property.

    To be eligible for a shared ownership scheme, you must meet the following criteria:

    • You must be of at least 18 years of age.
    • If you live outside of London then the total household income must be less than £80,000. If you reside in London it must be less than £90,000.
    • Generally, you need to be a first-time buyer.
    • Your income requirements must be such that you would not be able to purchase a suitable home on the open market.

  • What percentage can you buy?
  • You can purchase between 25% and 75% share of a property initially. During the course of ownership, you can choose to increase your share to up to 100%.

  • How much deposit do you need?
  • Shared ownership mortgages usually only require a 5% deposit instead of the usual 10 - 20% deposit.

  • What type of properties are available?
  • Most of the homes on a shared ownership scheme are new build houses but there are also older properties available that are being re-sold by housing associations.

  • Can you carry out maintenance and improvements?
  • The good news is that you can carry out repairs, maintenance work and even decorate without the need to gain permission from the Housing Association you purchased your share from.

  • What are the shared ownership schemes?
  • There are three shared ownership schemes, click on the links for further information.

  • How to get started with shared ownership
  • Firstly, check to see if you’re eligible. You can do this by speaking to our experts for free mortgage advice. Once you find a property of interest, you should contact the relevant Housing Association to book a viewing and then follow the standard house buying process.

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