Shared ownership is a fantastic opportunity if you want to get a foot on the property ladder, but can’t afford to buy your own home. It enables you to buy a share in a brand new property and pay a reduced rent on the remaining share.
When you can afford it you can ask to buy additional shares in the property until you own the property outright. In some rural areas the opportunity to own the property outright may be restricted.
Shared ownership housing is open to households who have an income of less than £80,000 per year and who do not already own their own home. In some circumstances, homeowners may be considered for shared ownership properties. They must be able to prove that their current property no longer meets their needs and that there are no other suitable properties available. Homeowners must sell their existing home before they can complete a shared ownership purchase.