Shared Ownership explained

Owning a home can feel like an impossible dream, but buying Shared Ownership means it’s more achievable than you might first think. Shared Ownership means you buy a share of a property, and pay rent on the rest. Don’t worry though, the property is still yours to live in as if you owned the whole thing.

Who is Shared Ownership for?

To be eligible for shared ownership, you will need to meet certain criteria set out by Homes England (Help to Buy). These include, but are not limited to:

  • A maximum income of the people buying the property

  • Not owning property at the time of completing your purchase

  • At least 18 years of age

Some developments require you to have a local connection, e.g. live, work, or have family in the area. The local authority will set out these eligibility criteria. To confirm your eligibility with Homes England, you will need to register with your local Help to Buy agent, as well as pass an affordability assessment. Don’t worry; we’ll guide you through this part when you register your interest with us.

How much of a new build property can I purchase?

This can vary, but typically we ask the buyer to purchase 40% of a Shared Ownership home. Once you have lived in the property, you can buy more shares, up to 100% (unless it is in a Designated Protected Area where the maximum share is 80%) if you want to.

The Process

  1. Register your interest with us

  2. Confirm your eligibility with Homes England

  3. Choose and view a property

  4. Gain financial advice

  5. Confirm your local connection

  6. Reserve your home and appoint a solicitor

  7. Collect your keys and move in

Getting advice

For information on Shared Ownership mortgages, we would encourage you to seek independent financial advice.