Shared Ownership

If your earnings are not high enough to make you eligible for a mortgage for the full price of a suitable property, you may be able to purchase a home under a Shared Ownership scheme.

These schemes are run by local housing Associations and enable you to purchase a 'share' in the property and pay rent on the part that you do not own. 

What is Shared Ownership?

Through Shared Ownership, a housing association builds or buys a property and sells you a share. You pay rent on the share that you do not own. In future years you may choose to purchase a further share and could eventually own the whole property. The cost of shared ownership depends on many factors, including the size of the property and its location.

Who is eligible?

To be eligible you must be registered on the Council’s housing register as having housing need and you must be unable to afford a suitable home on the open market.

What are the requirements?

You should also remember that your mortgage lender may require you to pay a deposit and there will also be other fees and costs involved in buying and moving into a new home.

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