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How Shared Ownership Works
A step-by-step guide to buying your home through Shared Ownership
Caveat
Shared ownership, made simple.
The Journey in Simple Terms
Shared Ownership can feel complicated at first. We’ve broken it down into clear steps so you know what to expect at every stage.
Find a Shared Ownership Property
Browse properties available through housing associations. These include both new-build homes and resales available through Shared Ownership schemes.
Properties are advertised across a range of platforms, including Share to Buy, Help to Buy, Housing Association websites, Rightmove and Zoopla
You’ll see the full property value and available share percentages
Each property has income eligibility criteria listed
Check Your Eligibility
Most schemes require your household income to be up to £80,000 (or up to £90,000 in London). You’ll need to be a first-time buyer or previous homeowner unable to afford on the open market.
Use our eligibility checker to see if you qualify
Different housing associations may have specific criteria
Speak to a Specialist Mortgage Adviser
This is where we come in. We help you understand your mortgage options, work out affordability, and get your finances ready.
We’ll calculate what you can borrow based on your share
Arrange a Decision in Principle (mortgage pre-approval)
Explain exactly what your monthly costs will be
Reserve Your Property
Once you’ve found the right home, you pay a reservation fee (usually £500-£1,000) to secure it.
This takes the property off the market for you
The housing association will send you paperwork
You’ll have a set timeframe to complete the purchase
Complete Your Purchase
Your solicitor handles the legal work, your mortgage is finalised, and you move into your new home.
Your mortgage covers your share of the property
You start paying rent on the remaining share
Staircase When You're Ready
Over time, you can buy additional shares in your property, though the minimum increment and maximum ownership percentage will vary depending on the scheme. Each time you staircase, your rent decreases accordingly.
You choose when to staircase based on your finances
New shares are valued at current market prices
We can arrange additional borrowing/remortgaging to help you buy more shares.
Understanding Your Monthly Costs
Here’s what you’ll typically pay each month as a Shared Ownership homeowner
Your Mortgage Payment
Monthly payment on the share you own, based on the loan amount and interest rate.
Rent on Remaining Share
This is paid to the housing association, varies from property to property and is subject to increase, normally on an annual basis.
Service Charge
Covers building maintenance, communal areas, and sometimes buildings insurance. Service charges can vary considerably; you should check the amount prior to agreeing to purchase.
Council Tax & Bills
Just like any home: council tax, utilities and broadband are your responsibility.
💡 Use Our Calculator
Want to see exactly what your monthly costs could be? Try our Shared Ownership Calculator.
Questions People Frequently Ask
What if I want to sell?
You can sell at any time, although you may need to consider any penalties that apply to repaying your mortgage. The housing association usually has the first right to find a buyer, referred to as a nomination period; this will be included in your lease. If they’re unable to find a suitable buyer, then you can sell on the open market.
You will receive the funds from the sale of your share; once you repay the mortgage and any fees and costs, the remaining monies can be used for your next purchase.
Can I make changes to my home?
Yes, but you need permission for major structural changes. Decorating, updating kitchens/bathrooms, and most internal changes are fine. It’s always best to check with the housing association first. If you agree to make changes/improvements, seeking prior approval may be factored into the value of your shares when you sell the property.
What happens if I lose my job?
Talk to your housing association and lender immediately. There may be options to reduce payments temporarily. Protection insurance can help cover mortgage costs.
Can I rent out my Shared Ownership home?
Usually, it is only possible with your housing association’s permission, and typically only in specific circumstances (like temporarily relocating for work). You should speak to your housing association if you wish to consider this option.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage.
Still Have Questions?
We’re here to talk it through at your pace. No pressure, just clear answers.