Shared Ownership (sometimes called Part Ownership) is where you buy part of a property and rent the rest. You take out a mortgage on the bit you're buying, then pay a reduced rent on the bit you don't own. You’re able to buy between 25-75% of the home, and can buy some or all of the remaining share later on when you can afford to.
Shared Ownership is only available for new-build homes and some existing properties via specific resale programmes from housing associations. They’re always leasehold, meaning you won’t own the land your property is built on and may have to pay ground rent and maintenance costs.
It helps people who can’t save up a big deposit to still get on the property ladder. For that reason, they’re perfect for first-time buyers.
Because you start off by buying a small share in the property, you’ll need a smaller deposit than you would if you were getting a full mortgage without shared ownership. Over time, you’ll be able to purchase the remaining shares – a process known as staircasing – and can stop paying rent on the property.
Not all lenders will help you if you want to get a Shared Ownership mortgage, because they’re not set up for the extra complexity. You’ll need an experienced mortgage broker to find you the right lender. That’s where we come in! Make an enquiry to get matched to a Shared Ownership mortgage broker who can help you.
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