FAQs about Shared Ownership Schemes

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.

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.


Click the button below if you want to view your Credit Report &
Score for FREE now!

Disclaimer: UKCreditRatings offer a 14-day trial to their credit report service. If you choose not to cancel within. The trial period, you will incur the monthly subscription fee of £19.95 until you cancel the account

Latest News and Blogs
About Author

The vast majority of cases are handled free of charge! However, there are some more complex situations where a fee will need to be applied.

We will ALWAYS let you know this UPFRONT and with no commitment on your part. Transparency is integral to our service.

Always know what’s happening in the world of Propillo.
Receive all the latest Posts in your inbox

Scroll to Top