How shared ownership works:

The shared ownership scheme could be ideal for you if you cannot afford all of the deposit and mortgage payments for a home that is suited to your needs.

The way the scheme works is that you buy a share of the property and after you have bought it you pay rent to a landlord on the rest.

There are different rules for shared ownership in Northern Ireland, Scotland and Wales. Please call for further details. 

When buying a property through shared ownership, you will:

  • purchase a share of somewhere between 10% to 75% of the properties FMV (full market value)
  • pay rent for the share owned by the landlord
  • often pay a monthly service charge and ground rent which goes towards things such as the maintenance and upkeep of communal areas

Buying your share

The share you can buy is usually between 25% and 75%. You can buy a 10% share on some homes.

You can take out a mortgage to buy your share or pay for it with savings. You’ll also need to pay a deposit, usually between 5% and 10% of the share you’re buying.

You can buy more shares in your home in the future. This is known as ‘staircasing’. If you buy more shares, you’ll pay less rent. The amount of rent you pay will be based on the landlord’s share.

What homes you can buy using the shared ownership scheme?

  • A new-build home
  • An existing home, if it is through a shared ownership resale scheme
  • If you have a long-term disability you can by a home that meets your specific needs, - ie, a ground floor flat

Shared ownership on properties is normally offered by local councils, and housing associations but sometimes also by other organisations. They are the landlord (also known as the “providers”).

It is also worth noting that all shared ownership properties (whether houses and flats) are leasehold properties rather than freehold.

Contact us for more info about shared ownership