Shared Ownership Mortgages

If you can’t quite afford the mortgage on 100% of a home, Help to Buy Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.

You could buy a home through Help to Buy: Shared Ownership in England if:

your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London

you are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move

With Help to Buy Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations. You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. Shared Ownership properties are always leasehold.
Only military personnel will be given priority over other groups through government funded shared ownership schemes. However, councils with their own shared ownership home-building programmes may have some priority groups, based on local housing needs.

Home Ownership for People with Long-Term Disabilities (HOLD) can help you buy any home that’s for sale on a Shared Ownership basis if you have a long-term disability.

You can only apply for HOLD if the properties available through the other home ownership schemes don’t meet your needs, e.g. you need a ground-floor property.

You can get help from another home ownership scheme called Older People’s Shared Ownership if you’re aged 55 or over.

It works in the same way as the general Shared Ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.

You can buy more shares in your home any time after you become the owner. This is known as staircasing.

The cost of your new share will depend on how much your home is worth when you want to buy the share. If property prices in your area have gone up, you’ll pay more than for your first share. If your home has dropped in value, your new share will be cheaper.

The housing association will get the property valued and let you know the cost of your new share. You’ll have to pay the valuer’s fee.

If you own 100% of your home, you can sell it yourself. When you put it up for sale, the housing association has the right to buy the property back first. This is known as first refusal and the housing association has this right for 21 years after you fully own the home.

If you own a share of your home, the housing association has the right to find a buyer for it.

Find the best shared ownership mortgage deals, try out our calculator today
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