Shared Ownership: Who Qualifies and What You Get
Learn how to buy a share of a home and pay rent on the remainder through this part-buy, part-rent scheme.
Shared Ownership is a way to get onto the property ladder by buying a portion of a home and paying rent on the part you do not own.
Who it's for
This scheme is available to households with an annual income of £80,000 or less. If you are looking to buy in London, the income limit is higher, at £90,000 or less.
What you get
You get to own a share of a property through a part-buy, part-rent arrangement. You will own a specific percentage of the home, while paying rent on the remaining portion that you have not purchased.
What it costs you
You will need to provide a deposit for the share of the home you are buying. In addition to your mortgage payments, you must pay monthly rent on the share you do not own, as well as service charges.
The catch to know
Even if you only own a small percentage of the property, you are still responsible for 100% of the costs related to repairs and maintenance.
How to apply
- Check your household income to ensure you meet the local limits.
- Search for available properties through local providers.
- Speak with a mortgage advisor about financing your specific share.
- Follow the application process via the official portal.