Shared Ownership

It is now easier for first-time buyers to get on to the property ladder due to the new government-backed Shared Ownership Scheme.

The scheme removes the need to save for a large deposit before being able to own your own property.

It works by allowing first-time buyers the option of purchasing a share of the property – which is normally around 30 to 50 per cent – and pay rent and a service charge towards the rest. Rent and mortgage payments are combined, which helps make monthly repayments more affordable than if you were to have a mortgage on the full value of the property.

At any time there is the option to increase the share of the property you own and, in turn, further reduce your monthly repayments.

Who Is Eligible?

To be eligible you must not already own a property and must have full intention to live in the property.

There are two categories of Shared Ownership available:

Key workers, such as nurses, teachers, social workers and policemen.

Existing council and Housing Association tenants have priority should they be recommended by a HomeBuy agent. To check if you are eligible through recommendation, speak to your local council.

Register with your local Help to Buy agent