What are shared ownership schemes?

Are you confused about what Shared Ownership means?  We’ve highlight the key points to help:

  • Shared ownership schemes are brilliant if you can’t afford the full price of a property as they enable you to buy a share of a property.  They can be a good option if you have a regular income, but can't afford to buy your own home out-right. 
  • Shared ownership properties are sold through housing associations. You buy a share of the property, using a deposit and a mortgage.
  • Shared ownership schemes are a cross between buying and renting. You own a share and then rent the part you don’t own.
  • There can sometimes be certain restrictions e.g. some require you to be 55 and over.
  • If you qualify for the scheme, you will need to contribute a percentage of the purchase price of a home through a mortgage and/or personal savings.  In certain circumstances you could contribute as little as 50% of the purchase price.
  • You can normally ‘staircase’ up, buying a larger share of the property and eventually purchase your home outright once you have the money.
  • It can enable you to get onto the property ladder quicker than you might if you wanted to buy a home outright.  It also can be cheaper than renting.
  • You can sell a shared ownership property at any time, and will benefit from any increase in value it's seen since you bought.

For more information about this or for a list of properties which are available under this scheme in your area speak to your local branch!

Back to news listings

Property search