Find a home with Shared Ownership

No – although this is a common misconception! The ‘shared’ element of the scheme simply means you’re sharing ownership of your home with a housing association. If you decide to buy a Shared Ownership home, you’re effectively purchasing a portion of a leasehold property. Your initial share will usually be between 10% and 75%, paying a mortgage on the part that you own and a below market value rent on the remainder.

Shared Ownership properties need a smaller deposit compared to those on the open market; buyers will usually need to put down 5% to 15% of the share that they’re buying, rather than the full market value of the home. On a monthly basis, buyers will pay their mortgage, a subsidised rent and a service charge on their home, however, these repayments can work out cheaper than or equal to renting privately in the same area.

Other costs to consider when buying a home include solicitor and mortgage broker fees.

You can use our mortgage comparison tool to get an idea of the Shared Ownership mortgages available on the market. To apply for a mortgage you can then contact the lender directly, or speak with a specialist Shared Ownership mortgage broker.

Yes – you can decorate a Shared Ownership home including painting walls, hanging artwork and adding furniture. However, it’s important to review your lease agreement and any rules set out by your housing provider to see if there are any restrictions or guidelines you need to follow. Some restrictions could be in place to maintain the property’s condition and unfirm appearance, especially in communal areas.

Before making any significant changes, such as fitting a new kitchen or building a driveway, you would need to seek permission from the housing provider to ensure compliance. This will allow you to strike a balance between personalising your home while safeguarding the property’s resale value and overall aesthetics.

This will vary from development to development and any restrictions around having pets will be outlined in the terms of your lease. If you live in a house, there aren’t usually restrictions but if you live in an apartment, you may not be able to be able to keep certain types of pets.

To make things easier, when using our property search tool on Share to Buy, you can filter your search to show homes which allow pets!

Yes – when buying a Shared Ownership home, you will initially purchase a minimum percentage between 10% to 75%. However, shared owners can choose to buy additional shares in their property via a process known as ‘staircasing’. If you choose to buy a higher percentage, your mortgage repayments will increase while the rent you pay will decrease.

In the majority of cases, there aren’t any restrictions and you can buy 100% of your home – in this instance, you would become the outright owner.

Yes! If you own less than 100% of your property, you will usually be required to give the housing association a period of time to find a buyer first, although full details will be outlined in the terms of your lease. Should the housing association not be able to find a buyer within the set time, you are then free to market the property yourself.

If you have staircased and now own 100%, you can sell without the housing association needing to market the home first.