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If you’re struggling to raise a deposit, the shared ownership scheme could help you get onto the property ladder. 

The scheme is a cross between buying and renting that allows you to purchase a percentage of a property and then rent the part that you don’t own at a discounted rate. 

You usually purchase between 25-75% of the property with an aim to buy more of it at a later date. 
 
As you are only getting a mortgage for a percentage of the home, you will need a much smaller deposit. 

For example: 

If you purchased a property worth £120,000 on a 25% shared ownership scheme, you would only be getting a mortgage of £30,000 – meaning you could only need a deposit of £3,000 (10%). 

The scheme is only available for certain types of homes and most of them are new-builds but there are some that are older properties that are being re-sold by the housing associations.  

Who can apply? 

The rules to qualify for the scheme in England are pretty open, you just need to have a combined household income of less than £80,000 (£90,000 in London). 

To find out how you can apply for a shared ownership mortgage, contact one of our expert advisers today and they will be able to talk you through the next steps to getting onto the property ladder.