Shared Ownership Scheme: Who Qualifies and What You Get
Learn how this scheme helps homebuyers manage large deposits by sharing equity with the government to make homeownership more accessible.
This scheme allows you to buy a portion of a home's value, reducing the amount you need to borrow from a bank.
Who it's for
This is designed for buyers who are able to afford regular mortgage payments but do not have enough savings to meet the full deposit requirement required for a standard home purchase.
What you get
A government entity takes an equity share in your home. This reduces your initial mortgage burden, making it easier to enter the property market.
What it costs you
While it lowers your upfront costs, you must eventually buy out the government's share as your equity in the home grows.
The catch to know
There are strict eligibility criteria you must meet regarding your household income and the value of your existing assets.
How to apply
- Check your eligibility regarding income and assets.
- Determine the amount of equity you need the government to provide.
- Consult with a lender to see how it fits with your mortgage options.
- Follow the guidance provided by the issuing agency to proceed with a purchase.