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Shared Ownership
Shared ownership – the affordable housing option
Shared ownership is the main product provided by the Government to help first time buyers and other groups of people onto the housing ladder. Shared ownership does NOT mean sharing with other people who live in the same property (e.g. friends or family), rather, it is about sharing ownership with a housing association or developer. The Government refers to affordable housing options as ‘homebuy’ schemes and the two main products are:
- New Build Homebuy: this is part buy / part rent shared ownership where you buy a share in a housing association home from 25-75% and pay below-market rent on the remainder, with the potential to 'staircase' (i.e. buy further shares)
- Homebuy Direct: a form of shared equity where you buy the whole property but with an equity loan, typically for 30%, provided half and half by the Government and a builder
Shared ownership properties – can I buy any home I want?
Unfortunately there is no longer any funding for 'open market homebuy' schemes where you can use a shared ownership mortgage to buy any property you want. Instead, both new build homebuy and homebuy direct are confined to new build properties, but it is possible to purchase a second hand home using shared ownership in a process known as 'resales', where an existing owner sells their share to you
Share to buy – how we can help
At share to buy, we can arrange a Shared Ownership mortgage for you without charging a fee, and also have information on shared ownership properties for sale in your area. If you have been offered a shared ownership house or flat by a housing association, of have found a property on the homebuy direct scheme, we strongly suggest that you submit an agreement in principle application or use the urgent enquiry facility so that we can help you as soon as possible. Alternatively, please use the following shared ownership mortgage tools available on our site:
- Shared ownership mortgage calculator: linked to daily updated mortgage rates available in the market place to give you a robust estimate of what you might be able to borrow with a ‘part buy / part rent’ shared ownership mortgage and how much it might cost
- Shared ownership properties: find information on how to register for shared ownership homes for sale in your area
- Shared ownership agreement in principle: many housing associations require you to have a shared ownership mortgage agreed in principle so that they can offer you a property and we provide a straightforward application in order to obtain your mortgage in principle. If a housing association has already offered you a property and you want to apply in full, when you pass the agreement in principle you can log back in to give us the property details.
About share to buy
Share to buy is a whole of the market mortgage brokerage specialising in shared ownership mortgages and we don't charge any fees. Our experienced staff have helped hundreds of people right across the UK to buy their first home with a shared ownership mortgage, and you can see some examples in the following case studies.
Shared Ownership Case Studies
Next Steps
If you have already been offered a property by a housing association and need a shared ownership mortgage today, we recommend that you contact us through the urgent enquiry facility or submit a no-obligation agreement in principle application. Alternatively, see how much you can borrow on our Shared ownership mortgage calculator, or find out about registering for shared ownership properties and eligibility for homebuy schemes in your area.
Further Reading
- Read our dedicated homebuy website for full details on all the homebuy schemes
- Click here for the difference between shared equity and shared ownership
Shared Ownership Mortgage Tools
- Shared Ownership mortgage calculator – see how much you could borrow on a part buy / part rent shared ownership mortgage/ new build homebuy. We use daily updated mortgage rates to give you a robust estimate of both borrowing potential and approximate monthly cost.
- Shared ownership properties - find information on how to register for shared ownership homes for sale in your area.
- Shared Ownership mortgage agreement in principle – if you have been offered a property by a housing association you will need to obtain an agreement in principle to prove you can obtain a mortgage, and if you are successful you can then apply in full to purchase the property.
General information about shared ownership
- Shared Ownership house buying process – read our guide to buying a property with a shared ownership mortgage.
- Staircasing and Shared Ownership remortgages – if you are looking to staircase (i.e. buy further shares in the property), remortgage your current shared ownership/homebuy deal – or both – we have significant experience in this area. Due to the fact that we are a whole of the market broker we can also arrange an open market mortgage if you are looking to staircase to buy 100% of the property. As always, there is no fee charged.
- Shared Ownership solicitors - click here for information on solicitors with experience of shared ownership mortgages.
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