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 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
Help to Buy: Shared Ownership is one of the three Government-backed schemes along with Shared Equity and Right to Buy
Deposits are generally lower for shared ownership properties
You own the share of the property you purchase, rather than 100% of the home
You will pay a mortgage on the share you own and a low monthly rental amount on the rest
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
You have the option to buy more shares in the future. This is known as ‘staircasing’
You can sell your shares at any time
Military personnel will be given priority over other groups through government-funded shared ownership schemes
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
You can get help from another home ownership scheme called Older People’s Shared Ownership if you’re aged 55 or over.