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Would you like to finally make your dream of property ownership a reality this year? Perhaps you’re fed up of moving from one rented place to the next and are looking for more stability for your family? Or want to reach that first rung of the property ladder as an investment for your future? Maybe you just want to have a home you can put your own stamp on!

With increasing house prices and banks tightening up their lending criteria, many feel their dreams of owning their own home have been shattered but there is an option for those whose income and deposit cannot stretch to the house prices in the area they live and work.


What is Shared Ownership?

Shared ownership is a scheme provided by housing associations through which you buy a share of a property (between 25% and 75%) and pay rent on the remaining share. Therefore, although you will still need a mortgage and a deposit, it will be smaller than needed to buy a whole property, yet still help you into a home of a suitable size and location.

Am I eligible?

  • You must be a first time buyer (or have bought a house but couldn’t afford it)

  • Household income must be under £60,000 outside London

  • Household income must be under £71,000 (1 or 2 bed) or £85,000 (3 + bed) in London

  • You rent a council or housing association property

  • There may be other restrictions set by each individual housing association e.g. you must work in the area, so make sure you check if any apply

Can I buy further shares in my home?

Yes, this is called Staircasing and is an option available any time after becoming the owner. The cost will be based on the value of your home at the time of buying the share, so could be more or less than your original share. The house will have to be valued to ascertain this, so you will also have to pay a valuation fee.

Can I sell the home?

Yes, if you own 100% of the home by the time you want to sell then you can sell it yourself, however you must give the housing association first refusal (for the first 21 years after fully owning the home). If you own a share of the home then the housing association have a right to find a buyer for you.

Shared Ownership for older people and those with disabilities

Shared Ownership schemes can also help older people too. This is called Older People’s Shared Ownership. This scheme is suitable for those over 55, and allows them to buy up to 75% of a home, after which they will not have to pay rent on the remainder.

Home Ownership for People with Long Term Disabilities (HOLD) can help those who meet the criteria buy any home for sale as shared ownership if they find properties in other Help to Buy schemes do not meet their required needs.

The Mortgage Hut - Mortgages for Shared Ownership

Not all lenders will offer mortgages for shared ownership purchases, so if you think shared ownership could be an option for you, come to The Mortgage Hut, so we can find you the perfect mortgage for your shared ownership property. Contact The Mortgage Hut, mortgage broker here.