Shared Ownership
When you buy a home through a shared ownership scheme you buy a share of the property and pay rent on the rest.
The share you can buy is usually between 25% and 75%. You can buy a 10% share on some homes.
Eligibility
You can buy a home through shared ownership if both of the following apply:
- your household earns £80,000 a year or less (£90,000 a year or less in London)
- you cannot afford all of the deposit and mortgage payments for a home that meets your needs
- Immigration Status: You need to have the right to live permanently in the UK.
- Local Connections: Some housing associations may prioritize applicants with a local connection to the area, such as living, working, or having family there.
One of the following must also be true:
- you’re a first-time buyer
- you used to own a home, but cannot afford to buy one now
- you own a home and want to move but cannot afford a new home suitable for your needs
- you’re forming a new household – for example, after a relationship breakdown
- you’re an existing shared owner and want to move
Some shared ownership homes in a ‘designated protected area’ are only available to buy if you have a connection to the area. If you buy one of these homes, you:
- may only be able to buy a share of up to 80%
- must sell it back to the landlord or a buyer nominated by the landlord – you cannot sell your home on the open market
How to apply
To buy a shared ownership home, you need to register with the Help to Buy agent in the area where you want to live.
North: 0300 790 0570
Midlands and London: 0333 321 4044
South (excluding London): 0800 4556 1188
Helpful links
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What happens next?
- Take advice FIRST, from a specialist like It’s My Mortgage. There is no point setting your heart on something your pocket can not afford.
- After taking advice and knowing your affordability, choose and reserve the property that suits you. The New Build site office will help you.
- Make an appointment with your It’s My Mortgage Specialist to arrange your mortgage as soon as possible. Developers normally require you to exchange within 28 days of reservation date.
- You will need to instruct a solicitor and will be required to pay some fees upfront. Your solicitor should be familiar with the New Build purchase process. We can recommend a solicitor for you.
- Once the solicitor has received your mortgage offer from the lender and completed the necessary searches you will exchange contracts with the developer on your chosen property.
- You will soon be ready to move into your new home. Depending on the build schedule the developer may give you an estimated date. It is important to liaise closely with the developer and your solicitors on finalising this date.
Specialist support
We understand that your personal circumstances and financial requirements may change over time, so an It’s My Mortgage Adviser will stay in contact with you to provide continuous support for as long as you need us.
Need to speak to a mortgage advisor?