With increasing property prices, we understand that not everyone can afford to buy a home outright. If you’re in this situation, then you might be able to buy a new home through shared ownership.  

With shared ownership, you buy a percentage of your home and pay rent on the rest. This means your mortgage will be less and you won’t have to find a big deposit.

“My dream house – that I can afford!”

Meet Chloe – one of our shared ownership homeowners at Waterside Point. At 25, Chloe is now on the property ladder, thanks to the affordability of our shared ownership option. “The thing I like best about my new home is that everything is clean and modern. It’s such a lovely big space for me to work with. And I love the garden as well – it’s such a nice area.” “The service that I have received from Your Housing Group has been absolutely amazing, from start to finish”

Who’s eligible for shared ownership? 

You could be eligible to buy using shared ownership if: 

  • Your household income is £80,000 a year or less
  • You are a first time buyer
  • You previously owned a home and can’t afford to purchase a property outright
  • You are returning to the property market, for example, after a relationship breakdown
  • If you are living in a current shared ownership property then the property must be sold
  • You must pass a financial assessment, proving financial capability to buy the minimum share value and monthly payments
  • You have a deposit of at least 5% of the share-value of the home


Part mortgage/part rent – how does that work? 

Shared ownership is part buy, part rent. This means you’ll have a mortgage on the share you own, and pay rent on the remaining share. For example, if you buy a 40 percent share in the property, you'll pay a mortgage on the 40 percent, and rent on the remaining 60 percent. Usually, you can carry on buying shares until you own the property 100 percent. 

shared ownership


Will I be classed as a homeowner? 

When you buy a shared ownership property, you become a homeowner and you’ll take on all the responsibilities, and the benefits, that go with owning a home. Shared ownership doesn't mean that you have to share your home with anyone else. 

You’ll begin by buying a part of your home under 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 full term of the lease, which is 990 years. The lease sets out: 

  • Your rights and responsibilities as a homeowner
  • How often your rent and service charge are reviewed
  • What you can expect from us

You’ll be a leaseholder and Your Housing Group will be the landlord, but you’ll have the same rights as a homeowner. 


Can I buy more shares? 

You have the option to buy further shares at the property’s market value. This is known as staircasing. The more shares you buy, the less rent you'll pay. Once you’ve staircased to 100 percent, you’ll no longer pay rent and you’ll own your home outright. 

If you're buying an apartment, there would still be a service charge and management fee to pay. 


How do I apply?

Step 1 - Online application

If you are interested in applying for Affordable Home Ownership you must check you are shared ownership eligible online. Please apply at Shared ownership homes: buying, improving and selling: Apply - GOV.UK (www.gov.uk). Affordable Home Ownership (AHO) covers Shared Ownership (SO) Schemes which Homes England funds using the Affordable Homes Programmes.

Once you're eligibility has been confirmed, a member of our sales team will contact you to talk you through the next steps, your options, confirm availability and arrange a viewing.

1 Application Shared Ownership
Step 2 - Affordability assessment

Our recommended regulated independent mortgage provider will carry out an affordability assessment and advise the maximum share that you can purchase.

You will need to provide essential documentation to support your application.

2 Affordability Shared Ownership
Step 3 - Approval

Once your eligibility and affordability has been confirmed you will need to submit your application for approval.

Our dedicated sales advisers will guide you through the process.

2 Approval Shared Ownership
Step 4 - Reservation

Once your approval has been confirmed, the sales team, will contact you to pay your £350 reservation fee to secure the property. This is deducted from your completion funds and is non-refundable.

Once you have paid the reservation fee, you will need to provide us with your solicitors details and we will confirm terms and conditions of the sale. Your mortgage valuation will then be conducted.

4 Reservation Shared Ownership
Step 5 - Solicitors

Once solicitors who specialise in shared ownership have been instructed, we will aim to complete the sale within eight weeks of instruction (subject to handover) and help you move into your home. Prior to completion we will arrange a home demonstration visit and ensure you are happy with the quality of your home.

Our property sales & conveyancing officers will support you through you conveyancing process.

5 Solicitors Shared Ownership
Step 6 - Completion day

Once the sale has legally completed your property sales & conveyancing officer will contact you to meet the sales adviser and arrange the handover of your keys and the final home demonstration.

6 Completion Shared Ownership

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