Shared Ownership
An introduction
Unleash your dreams of buying a home with the Shared Ownership scheme. This initiative, backed by the Government, is your golden ticket to climb the property ladder. It is a game-changer, a door-opener to that next step in home buying that might have seemed like a distant dream. No longer is that dream home out of reach. With Shared Ownership, it is right there at your fingertips!
Imagine stepping into a home that has been tailored to your budget, where you own a share – somewhere between 10% and 75%. (some of our developments will have a higher minimum share percentage than 10%)
You are not a tenant; you are a part-owner, paying rent only on the share you do not yet own.
Whether you are leveraging a mortgage or using your savings, you are not stuck at your initial share. In most cases, you can keep buying more, bit by bit, until you own 100% of your dream home.
But what if life takes a new turn? No worries! You can sell your share anytime, taking any equity you have built right along with you. It is flexible; it is feasible; it is a great scheme for those that want to get started on the property ladder.
View our Shared Ownership guide by clicking on the thumbnail.
Lower deposits, higher dreams
Forget about hefty deposits based on the full market value. With Shared Ownership, your deposit is calculated on your share of the home. It is a game-changer, making buying a home more accessible than ever before.
This means you will only need a deposit for the share you are acquiring, which will be around 5% or 10% of the share’s cost. This means you can stow away your worries about hefty deposits & it can be significantly less than when you are purchasing a property in the open market.
The exact percentage share you’ll be able to purchase will be determined by eligibility, affordability, and development-specific criteria. Some Shared Ownership homes limit the maximum share you can purchase; we will let you know if this applies to your home. The deposit percentage amount will depend on your individual eligibility with mortgage lenders. Five per cent is considered a minimum, and you may benefit from lower mortgage rates if you have a higher deposit available.
How Shared Ownership works
Shared Ownership is an alternative approach to home ownership. It is a great detour for those who find the conventional path of deposit and mortgage payments a bit out of reach.
Now, do not let the term ‘Shared Ownership’ mislead you – it is not about living with others (unless you choose). You own a chunk of your home, anywhere between 10% to 75%. You get to call the home ‘yours’ while you pay rent on the remaining share.
Many of our customers leverage a mortgage to acquire their share, then paying a monthly rent on the remainder. It is a fantastic way to enjoy the buzz of buying a home.
Let’s look at a typical purchase…
Every home under Shared Ownership is offered on a leasehold basis – but do not let this term daunt you. Imagine your lease as a protective armour, much like a tenancy agreement. It safeguards you and us, outlining each of our duties and obligations clearly.
Moreover, it seals your rights and responsibilities in legal ink and chalks out the term’s duration (typically at least 99 years from when the property was new). And do not fret about getting lost in the details – each property listing shines a spotlight on each property’s lease duration.