Help to Buy: Shared Ownership

With shared ownership, you can purchase a share in a new build home, while paying a low monthly rent on the part you don't buy. As you only need a mortage for the share you are buying, the deposit required is usually much lower, making home ownership easier and more affordable for you. 

Shared ownership

Shared ownership was designed to help people who can’t quite afford a mortgage on 100% of a home. By using the Help to Buy: Shared Ownership scheme, you can instead purchase a share of the property. 

To qualify for Help to Buy: Shared Ownership, you must: 

  • Have a combined household income of £80,000 a year or less (£90,000 per year or less if you live in London)

  • Be a first-time buyer, previously owned a home but can’t afford to buy one now, or be an existing shared owner who wants to move. 

With Help to Buy: Shared Ownership, you can buy a Gleeson home participating in the scheme. You will need to get a mortgage and pay the monthly repayments on the share that you purchase while also paying a low rental amount on the shares you don’t own. 

Buyers can purchase between 25% and 75% of the home’s value, and they have the option to increase their share size later on after they’ve bought the property.

Key facts about shared ownership

  1. Help to Buy: Shared Ownership is one of the three Government-backed schemes along with Shared Equity and Right to Buy

  2. Deposits are generally lower for shared ownership properties

  3. You own the share of the property you purchase, rather than 100% of the home

  4. You will pay a mortgage on the share you own and a low monthly rental amount on the rest

  5. Unlike renting, you have security of tenure. This means you can live in the property as long as you make the mortgage and rental payments

  6. You have the option to buy more shares in the future. This is known as ‘staircasing’

  7. You can sell your shares at any time

  8. Military personnel will be given priority over other groups through government-funded shared ownership schemes

  9. Home Ownership for People with Long-Term Disabilities (HOLD) can help you buy any home that’s for sale on a Shared Ownership basis if you have a long-term disability

  10. You can get help from another home ownership scheme called Older People’s Shared Ownership if you’re aged 55 or over.

Cork house at Briar Lea Park

Let us guide you

We offer a range of advice to give you peace of mind and help you through the home buying process.