Shared Ownership is an alternative homeownership scheme which makes it easier for eligible purchasers to get on the property ladder. Discover your moment on Share to Buy!
No – this is a common misconception but the ‘shared’ aspect 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 in Yorkshire and the Humber, you’re effectively purchasing a portion of your property. Your initial share will usually be between 25% to 75%, paying a mortgage on the part that you own and a below market value rent on the remaining share.
Yes – Shared Owners can choose to buy additional shares in their property by ‘staircasing’.
When buying a Shared Ownership home, you will initially purchase a minimum percentage somewhere between 25% to 75%. Down the line, if you find that your financial circumstances have changed, buyers will have the option to buy more shares.
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.
As a home-buying product aimed at helping those who can’t afford to purchase a property on the open market, there are certain requirements that buyers will need to meet to be considered eligible for Shared Ownership.
For example, there are caps on household income which means that you must earn less than £80,000 to be eligible for the scheme – or less than £90,000 if you would like to buy a home in London. The criteria also states that buyers must be at least 18 years of age and do not own another property either in the UK or abroad.
Shared Ownership properties enable you to put down a smaller deposit compared to those required on the open market – buyers will usually need to put down 5% to 10% of the share that they’re buying, rather than the full market value of the home.
On a monthly basis, buyers will be required to pay their mortgage, a subsidised rent and service charge on their home, however, these repayments often 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 find out more about these costs on Share to Buy.
Share to Buy lists thousands of Shared Ownership homes all across Yorkshire and beyond – including new build properties and those available through resale.
Shared Ownership is available on a variety of homes including cosy studios, stylish apartments and traditional family homes. Check out our property search tool to start looking for your new home today!
The major providers of Shared Ownership, Help to Buy and other affordable ways to buy a home in Yorkshire and the Humber and nationwide have their homes listed on Share to Buy.
Share to Buy is the leading online portal for Shared Ownership properties. Established in 2004 as the UK’s first specialist online mortgage broker for affordable home ownership products, the site has since developed into a one stop shop for first time buyers, offering the country’s largest listing of Shared Ownership homes from many of the UK’s biggest housing providers.
Share to Buy is the nation’s biggest and best established affordable home ownership property portal, making it the ideal website for first time buyers looking to take that first step onto the property ladder.
Using our property search tool, you can search for homes that suit your needs via filters such as location, number of bedrooms, monthly outgoings and deposit amount. You can also set up alert preferences so you’ll be notified when new properties that meet your search are announced by email.
Acting as a one stop shop for first time buyers, Share to Buy also offers handy FAQs and guides, interactive mortgage tools, mortgage broker and conveyancing panels, and live events to help potential purchasers on their home-buying journey.
If you are a housing association or developer selling properties through Shared Ownership, Help to Buy and other affordable home ownership schemes, we can list your new build and resale homes on the Share to Buy property portal.
As well as working alongside Registered Providers, we also partner with private sellers who are looking to sell their current Shared Ownership home.
Find out more about advertising your Shared Ownership property on Share to Buy.
“The landlord at our old place kept threatening to sell up and leave us in the lurch, which produced a lot of anxiety. Now we’ve got a stake in something, we aren’t at the mercy of someone else - we wouldn’t have that freedom if we stuck in renting or bought somewhere outright. Shared Ownership has been a perfect solution.”
“A friend at work had just signed up on the Share to Buy website and said I should register too. I didn’t know much about Shared Ownership so the Share to Buy website was really helpful, giving me all the information that I needed about the scheme. It turned out that there were a few properties in my area, so I registered for all of them!”
“I’d got it into my head that finding a Shared Ownership home would be quite a painstaking process, but Share to Buy made it so easy. I liked that you could do everything online – there was no posting off forms or long phone calls. The website was very visual, with plenty of photos, and it was so simple to use.”
For first time buyers who believe that purchasing their own home is out of reach, Shared Ownership homes in Yorkshire and the Humber can help them to take those vital first steps on to the property ladder. Help to Buy homes in Yorkshire and the Humber can also help potential purchasers to put down roots in an area they love, and finally, find a place to call their own.
If you want to keep up to date with Shared Ownership and Help to Buy homes in Yorkshire and the Humber, all you have to do is sign up to Share to Buy and register to receive alerts. We’ll then automatically notify you when new properties are announced via email.
Yorkshire and the Humber is the fifth largest region in England, consisting of South Yorkshire, West Yorkshire, North Yorkshire, East Riding of Yorkshire and Lincolnshire.
There’s plenty to explore in the region, from Norman castles, endless hiking and cycle routes, and beautiful walled cities like the ones in York.
York has a rich heritage and offers a wealth of historic attractions from its very own castle, to existing Roman walls, and various Abbeys and churches. Plus, make sure to visit York Minster and wander down the Shambles!
Leeds is the largest city in West Yorkshire, and it’s a modern area with a rich industrial past. For music lovers, the city of Leeds is perfect with numerous festivals and events taking place each year, including Leeds International Concert Season which is a year-long celebration of music featuring more than 200 concerts.
Yorkshire is also home to some of the most impressive waterfalls in Britain. There’s no need to travel far in order to witness some of these staggering cascades with the Yorkshire Dales boasting the beautiful Aysgarth Falls and Ingleton Waterfalls Trail.
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