Shared Ownership: How does it work?

From how to buy a shared ownership property to increasing your share and then selling it, everything you need to know about shared ownership.

Stepping onto the first rung of the property ladder may feel daunting – but shared ownership could give you a leg up and help you to own a property that may otherwise have been unaffordable.

With shared ownership, you only pay the deposit on - and need a mortgage for - the share of the property you are buying. This means the amount of money needed for the deposit is usually a lot lower than it would be if you were buying the whole property outright.

To help more people buy a shared ownership property, the government plans to reduce the minimum share needed for the scheme from 25% to 10%

In the meantime, you pay a subsidised rent on the remainder.

When your financial situation improves, you can increase your share in the property by buying more of it in increments, until you own all of it or are ready to sell it.

[juliemayala]

Can I buy my 30% share without mortgage? I’ve received money from heritage, i can afford the rent it’s just the mortgage affordability isn’t passing because I have 2 higher purchase paying around £1600 a month on both

[MrTimetravler]

I am an American i want to (BUY IN FULL) with no shared ownership option a flat in London is that possible?

[Lesley]

So you pay a mortgage and rent? Madness.