🏡 Making Sense of Shared Ownership
Thinking about shared ownership?
Let’s break it down so you can make an informed decision.
You're not alone! Shared ownership is an increasingly popular way for first-time buyers to take their first step onto the property ladder. Here’s exactly what you need to know:
📌 What is Shared Ownership?
Shared ownership lets you purchase a part of a property (typically between 25% and 75%), and you pay a subsidised rent on the portion you don’t own.
Over time, you have the option to buy more shares in your property, eventually owning it outright. This process is called staircasing. 🪜
Staircasing is the process of gradually buying more shares of your property over time. This allows you to own a larger percentage of the property and eventually become the sole owner.
Shared ownership can be a great solution for first-time buyers who might not be able to afford a full mortgage but still want to take their first steps on the property ladder
🎉 Key Benefits:
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🌱 Lower initial costs: Smaller deposit and mortgage, making your first step more affordable.
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🌈 Flexibility: Buy more shares in your home when you’re financially ready.
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🔒 Security: Enjoy the stability and benefits of owning your home without needing a huge upfront investment.
🤔 How Does It Work? (Step-by-step):
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🔍 Find your property
Browse homes available for shared ownership in your preferred area.
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📊 Calculate affordability
Assess what percentage of the home you can comfortably buy.
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📝 Apply and get approved
Complete affordability checks, and secure a suitable mortgage.
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🔑 Move in and manage payments
Start paying your mortgage and a subsidised rent on the remaining share.
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📈 Staircase
Buy additional shares gradually until you fully own your home, if you choose to.
🙋♀️ Who is Eligible?
You typically qualify if you:
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✅ Are a first-time buyer, or previously owned a home but can't afford to buy now.
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✅ Have a household income below £80,000 (£90,000 in London).
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✅ Can demonstrate you can’t afford to buy a similar home on the open market.
⚠️ Things to Keep in Mind:
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📅 Rent payments will typically increase slightly each year.
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🛠️ You’ll usually need housing association approval for major home improvements.
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🔄 Selling might require finding another shared ownership buyer, depending on your agreement.
👉 Real advice. No jargon. All support.
Still have questions about shared ownership? I’m here to help you every step of the way—just ask!