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Frequently Asked Questions

How does Shared Ownership work?

You buy a share of your home, usually around 50% or 75% on a long term lease. • The owned share can be paid for by taking out a mortgage or with a lump sum. • Most mortgage lenders require a deposit. However you will only pay this on the share that you purchase. • In addition to your monthly mortgage payment you will pay a subsided rent on the part of the property you do not yet own. • The lease outlines the monthly rent you will pay and highlights your responsibilities as a householder. • You will have the normal rights and responsibilities of home ownership such as repairs and decoration. • After the initial purchase you can, if you wish, increase the percentage share you own up to 100% ownership, depending on the location of your new home. This is called staircasing. Find out more about Shared Ownership.