Shared ownership
Shared ownership is a more affordable way to get on the property ladder.
You buy a share of a home and pay rent on the rest. This means you can get started with a smaller deposit and mortgage.
A simpler way to buy
Shared ownership is designed for people who cannot afford to buy a home outright.
Instead of buying 100% of a property, you buy a share – usually between 10% and 75% – and pay a reduced rent on the rest.
Because you are buying part of the home, your upfront costs are lower. This can make it easier to take your first step into home ownership.
Over time, you can buy more shares in your home. This is called staircasing. As your share increases, the rent you pay goes down. In most cases, you can go on to own your home outright.
Is shared ownership right for you?
Shared ownership could be right for you if:
- your household income is £80,000 a year or less
- buying a suitable home on the open market is not affordable for you right now
- you do not own another home, or you are in the process of selling one
You do not have to be a first-time buyer – just someone looking for a more affordable way to buy.
You can quickly check if you are eligible using our online tool.
What you will need to budget for
Buying through shared ownership is similar to buying any home, but with lower upfront costs.
You will usually need:
- a deposit based on the share you are buying
- a mortgage for your share
- rent on the remaining share
- legal and valuation fees
- a reservation fee (up to £300)
- stamp duty, if applicable
Before you go ahead, we will give you a clear breakdown of all the costs. This means you know exactly what to expect, both now and in the future.
Take the next step
If shared ownership feels right for you, you can search for available homes.
Not ready to buy?
Buying a home is a big decision, and it may not be the right time for you yet.
If that is the case, renting could be a better option for now.
