What is Shared Ownership?
Shared Ownership is a government-backed scheme that helps people get on the property ladder if they can’t currently afford in the traditional way.
It’s an affordable home ownership scheme designed as a stepping-stone to outright ownership if you can’t afford to buy a home on the open market.
Under the shared ownership scheme, you part-own and part-rent your home, making it possible for first-time buyers and families to get on the property ladder. The minimum share you can purchase is 25% and the maximum is 75%. You will usually pay a mortgage on the part you own and a subsidised rent on the part you don’t own.
You have the opportunity to increase the share in your home via a process called Staircasing, working towards owing your property outright. Once this is achieved the leaseholder will transfer freehold of your house to you.
Shared Ownership offers buyers the chance to get on the property ladder without the need for a large deposit or high mortgage payments. You also have the freedom to decorate and make changes to your home as you wish.