Shared Ownership


Help to Buy Shared Ownership explained


What is Shared Ownership?

An affordable homeownership scheme for first time buyers, families, existing shared owners and those looking to get onto the property ladder.
The buyer purchases a percentage of a property (between 25% and 75%) and then pays rent on the remainder. 

Is shared ownership right for me? 

Whether you can participate in the scheme will depend on where you wish to live and how much you earn. If you live in London you must have a joint household income of £90,000 or less, while if you live outside of London the household income cap is £80,000.
If you can afford to buy more than 75% of the full market property value, you won’t be eligible for the scheme.
The property must be your only home.

How it works?

If you meet the above criteria, you may apply for homes within the scheme.
The sales agent will then offer you one of your chosen properties and your application becomes a reservation.
You’ll need to pay your reservation fee (usually £500), which is deducted from the purchase price upon completion or added to your rent account.
Book a financial interview with the appointed Independent Financial Advisor (IFA) within 48 hours of your offer being received, who will confirm the percentage share you can purchase.
Instruct both a solicitor and IFA (if required) to act on your behalf.
Finally, once your mortgage lender has valued your property and the mortgage offer is issued, you can proceed to exchange contracts and set the date for moving in to your new home.


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