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About shared ownership
Shared ownership or part-buy, part-rent, is a scheme to help people who can’t afford to buy a property outright on the open market.
We'll tell you all you need to know here including how to apply, costs of buying, our eligibility criteria and more.
What is Shared Ownership?
Shared Ownership is designed to help people who cannot afford to buy a home outright in the current market.
It is a form of low cost home ownership which enables you to buy a proportion of a property. This means you own a share in the equity of that property using either a mortgage and/or savings, and pay rent on the part you do not own.
At a later stage, you may buy further equity if you wish to do so, this is often referred to as 'staircasing’.
How does it work?
The value of the property is based on an independent RICS (Royal Institution of Chartered Surveyors) surveyor’s valuation. You will be able to buy a share of the property based upon an affordability assessment from an independent financial advisor nominated by us.
The minimum initial equity on a property is dependent on a range of factors including current property prices and affordability in a particular area. The share is likely to fall within a range of 25-75%.
The proportion of the rent you pay is dependent on the percentage you do not own. For example, if you purchase 40%, you pay rent on the remaining 60%.
What will you own?
You will own an equity of the property on the basis of a long lease, usually 125 years and will have the normal rights and responsibilities of a full home owner.