What is Shared Ownership?


So shared ownership is this super-hybrid between buying and renting your new home.

To put it simply. You buy a share of a house, then pay rent on the part you don’t own.

So in essence you only pay reduced rent & you own part of the house.

If you don’t have enough money to buy your own home, but want to get a foot on the property ladder, Shared Ownership is definitely something to consider.

Can I Apply for Shared Ownership?

There are only 3 things you need to do to be able to apply for Shared Ownership:

  • This has to be your first home, or you used to own a home but just can’t afford it anymore
  • You earn less than £80,000 a year, £90,000 in London.
  • You’re renting a council house or Housing Association property at the moment.

How Do I Apply for Shared Ownership

The best way to apply is to just get in contact with the Housing Team at your Housing Association or Local Council.

They will sit down with you, talk you through the application process and help you see if you are able to apply.

Keep in mind that you will need to find out if you can get a mortgage to cover your share of the property.

What Are The Best Shared Ownership Mortgages?

Royal Bank of Scotland 2 Year Fixed
Maximum LTV
Initial Rate
1.2% fixed for 2 years
Subsequent Rate (SVR)
4.2% variable
Overall Cost
3.8% APRC

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