Connect with Shared Ownership

31st October 2019

What is Shared Ownership?

Shared Ownership is a simple and affordable way to get a home of your own. You buy a share in the home that is affordable to you and pay a rent to us (alongside a monthly service charge) on the rest. The good news is the mortgage and rent combined is usually less than the cost of buying outright or renting a similar home- and it’s yours to decorate and live in as you wish. The other good bit about buying a share is getting a mortgage should be a bit easier- you’ll just need the deposit on the share, not the full value, and your mortgage will be smaller than trying to buy outright.

If you want to buy a bigger share in the home later when you can afford to, that’s fine- we’ll talk you through the easy way to do that, if and when you’re ready.

Can I afford it?

One of our Independent Mortgage Advisors will assess your ability to buy and what’s the best share for you based on your income and expenditure. 

We recommend your next step is to register with Homes for Londoners– the official London wide portal.

Our friends at the National Housing Federation have put together a Shared Ownership campaign which explains more about how the product works. Click here to see more and here's a useful breakdown of 'Shared Ownership jargon', these are terms you might've heard frequently recently but still no idea what they actually mean in plain English!

Housing association

Housing associations are not-for-profit companies set up to provide affordable homes. They offer shared ownership properties, to help those who can’t buy a home on the open market.

Lease

The lease is the contract for the share you’ve bought. It states how much is yours, what you’ll be paying, and what your responsibilities are.

Share

A share is the percentage of a property you decide to buy.

Staircasing

Staircasing means increasing the size of your share. You might start off with 25%, but gradually buy more shares to own 50% or even 100%.

Mortgage

A mortgage is a loan taken out to buy a property. It’s a fixed amount, and has to be paid back over a certain amount of years.