Shared Ownership Mortgages
Can't afford to buy a home outright? Shared ownership lets you purchase a share of a property — typically 25% to 75% — and pay rent on the rest.
It's designed to help people get on the property ladder with a smaller deposit and lower monthly costs. I help first-time buyers and families across Alsager and Cheshire navigate shared ownership.
Book a Free Consultation"Being self-employed, I was worried about getting a mortgage, but Rob made it seem effortless. He knew exactly which lenders to approach and guided me through every step. I couldn't be happier with the outcome."
Sarah Jenkins
How Shared Ownership Works
- You buy a share (25%-75%) of the property with a mortgage
- A housing association owns the remaining share
- You pay rent on the share you don't own (usually around 2.75% of that share's value per year)
- Over time, you can buy more shares ('staircasing') until you own 100%
Example: A £200,000 property with a 50% share means you'd need a mortgage for £100,000 and a deposit of around £5,000-£10,000. You'd then pay rent to the housing association on their £100,000 share.
Who Can Apply?
To be eligible for shared ownership in England, you typically need to:
- Have a household income of £80,000 or less (£90,000 in London)
- Be a first-time buyer, OR
- Be a previous homeowner who can't afford to buy now, OR
- Already own a shared ownership home and want to move
- Be unable to afford a suitable home on the open market
Key workers and military personnel often get priority for shared ownership homes in their area.
The Benefits
- Smaller deposit required — typically 5-10% of your share, not the full property value
- Lower monthly costs — mortgage + rent is often cheaper than renting privately
- Build equity — you benefit from any increase in your share's value
- Path to full ownership — buy more shares as your circumstances improve
- Often new-build properties — many shared ownership homes are new builds with modern features
Things to Consider
Shared ownership isn't right for everyone. Be aware that:
- Not all lenders offer shared ownership mortgages — choice is more limited
- You'll have rent increases — usually linked to RPI or a fixed percentage
- Staircasing costs money — you'll need valuations and potentially legal fees
- Selling can be more complex — the housing association usually has first refusal
- Properties are typically leasehold
Frequently Asked Questions
Need Expert Advice?
Shared ownership can be a great way to get on the property ladder, but it's not simple. Book a free chat and I'll explain exactly how it works for your situation.
Book a Free ConsultationYour home may be repossessed if you do not keep up repayments on your mortgage.
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