Shared ownership enables households take a first step on the property ladder by part-buying and part-renting a home. Households can buy an initial share of home, from 25% to 75% of the full purchase price. Households pay a discounted rent monthly which varies according to the share of the property bought - the bigger the share of the property bought, the lower the rent paid.
A household is eligible for a shared ownership scheme if the following applies:
- household earnings are £80,000 or less per year
- they are unable to purchase a home suitable for their needs without assistance.
- they are not a current home owner (or named on the deeds of another property).
- they must not have any outstanding credit issues (i.e. unsatisfied defaults or county court judgments).
If the owner of a shared ownership home wants to move, they can sell their share to another person who wishes to buy it. Find shared ownership properties for resale.
Find out more information about shared ownership.