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With increasing property prices, many people cannot afford to buy a property outright and are finding it a struggle to get onto the property ladder. If this applies to you, we can provide you with an opportunity to purchase a new home through Shared Ownership. Shared Ownership is another way to buy a house. You buy a percentage of your home and pay rent on the rest.

Who is eligible for Shared Ownership?

Shared ownership is an option for lots of people. In brief:

  • Your household income needs to be under £80k
  • You can't be the owner of another property.
  • You'll need to show you have a good credit history and can afford the regular payments and costs involved in buying a home.
  • You should have savings, or be able to put down at least 5-15% deposit on the share of the property you're buying

Part mortgage/part rent, how does that work?

Shared Ownership is part buy, part rent. This means you will have a mortgage on the share you own, and pay rent on the remaining share. For instance, if you buy a 50% share of the property, you'll pay a mortgage on the 50% share, and rent on the remaining 50% share. Usually, you can also carry on buying further shares, to own the property 100%.

You'll have a lease, which is essentially the contract for the share you've bought. It means you've got the right to keep your home for the Lease Term of 125 years. Your lease also sets out how much you need to pay each month, and your responsibilities as a shared owner.

Can I buy More shares?

You have the option to buy further shares in the property at the market value when financially possible. This is known as ‘staircasing’. The more shares you purchase, the less rent you will pay and once you have successfully staircased out, you will no longer pay us rent and you will own the property outright.

If the property you are buying is an apartment there would still be a service charge and management fee that would continue to be payable after staircasing.

We’ve so far helped hundreds of aspiring homeowners to purchase a new build home through Shared Ownership and a number of our homeowners have already ‘staircased’ to 100% already! For more information on this process, click here.

To apply

  • Complete an application online with Help to Buy.
  • Enter the Development name into the “property search” box and the properties will appear. Then click “apply online”, follow the instructions and apply for the property. 

Browse our Shared Ownership properties: