Shared
Ownership

Make homeownership accessible with shared ownership mortgages

Can't recommend these guys enough – extremely well-informed/connected, professional, proactive, helpful, friendly, open and honest. A totally hassle-free experience. Great job, thank you!

Claire

example First Time Buyer

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What is shared ownership?

Shared ownership is a government scheme that allows you to buy a share of a property – usually between 25% and 75% – while paying rent on the remaining share to a housing association.

Over time, you can buy more shares (a process called staircasing) until you own the property outright. This scheme makes homeownership more affordable by reducing the required deposit and monthly costs, especially for first-time buyers and those with lower incomes.

Shared ownership mortgages

A shared ownership mortgage is a flexible and affordable way to get onto the property ladder with shared ownership property, especially if you have a smaller deposit or limited budget. As your circumstances change, you can increase your share over time, giving you a clear path to full homeownership at your own pace.

Who can buy shared ownership property?

You may be eligible for the government’s shared ownership scheme in England if:

Your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
You are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.

What else do I need to know about shared ownership?

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What is the process for obtaining a shared ownership property?

The process for obtaining a Shared Ownership property starts by checking your eligibility based on income and ownership criteria. Next, you’ll search for available homes through local housing associations or property portals and submit an application to the housing provider, who will assess your financial situation.
How can I secure a shared ownership mortgage?

Once approved, you’ll arrange a shared ownership mortgage for your share of the property, providing documents like proof of income and deposit. After paying a reservation fee to secure the home, you’ll appoint a solicitor to handle the legal work.

Once your mortgage is approved and the legal process is complete, you exchange contracts and complete the purchase, allowing you to move into your new home. A mortgage broker or housing association adviser can guide you through each step for a smooth experience.
Can I ever increase the share of the home at a future date?

You will be able to buy further shares in your home using a process called “staircasing”. The amount you will pay for the new share will be based on the value of your home at the time.
Can I sell my home?

Once you own 100% of your home you will be able to sell it yourself but the housing association involved will have first refusal to buy back the property for the first 21 years following purchase. If you don’t own 100%, the housing association will usually have the right to find its own buyer.
Why is it important to use a mortgage broker?

With a shared ownership mortgage, how much you can borrow depends on what you can comfortably afford each month, factoring in both your mortgage and rent payments. Using a mortgage broker is important as they’ll help you find the right lender for your circumstances, maximise your borrowing potential, and ensure the arrangement works for you.

Summary

Shared ownership schemes offer a fantastic way to get on the property ladder if you can’t afford to buy 100% of a property.

The trusted mortgage advisors at Bennison Brown will advise you on your purchase to make things as simple as possible, finding and arrange the right mortgage for you.