Shared Ownership mortgages

How do Shared Ownership mortgages work?

With a Shared Ownership mortgage, you purchase a share of the property you want to buy - usually between 25% and 75%. And you rent the rest of your home from a housing association or registered landlord, usually below the market rate.

You then have the option to increase your share over time, at a price based on the value of the property at the time. So, if property prices rise, you'll pay more for your share. If they fall, you'll pay less. In many cases you can increase your share up to the point where you own 100% of your home. This is known as staircasing. Shared Ownership properties are always leasehold.

But remember, when budgeting for your Shared Ownership property, you need to factor in both the monthly mortgage payments and the rent.

Our Shared Ownership mortgages are only available: 

• in England and Wales;

• if you’re eligible to take part in the scheme; and

• If you have the option to 'staircase' until you own 100% of your home. 

All applications are subject to housing association approval.

You can find out more about the schemes and eligibility on the England and Wales government websites.

Am I eligible for Shared Ownership?

You can buy a home through Shared Ownership if your household earns less than £80,000 a year in England, (or £90,000 in London) or less than £60,000 a year in Wales. You also need to be one of the following:

• You’re a first-time buyer.

• You used to own a home but can’t afford to buy one now.

• You're forming a household - for example, after a relationship breakdown.
• You're an existing shared owner, and you want to move.
• You own a home and want to move but can't afford a new home that meets your needs.

Scotland and Ireland also have similar schemes. You can find out more about them on the Scottish and Northern Irish government websites.