Shared Ownership

Shared ownership helps you to buy a home if you cannot afford all of the deposit and mortgage
payments for a home that meets your needs.
This information is about shared ownership in England. There are different rules on:
shared ownership in Scotland
shared ownership in Wales
shared ownership in Northern Ireland
 

Who can apply

You can buy a home through shared ownership if both of the following apply:
• your household income is £80,000 a year or less (£90,000 a year or less in London)
• you cannot afford all of the deposit and mortgage payments for a home that meets your
needs
One of the following must also be true:
• you’re a first-time buyer
• you used to own a home, but cannot afford to buy one now
• you own a home and want to move but cannot afford a new home suitable for your needs
• you’re forming a new household - for example, after a relationship breakdown
• you’re an existing shared owner and want to move

If you own a home

When you buy a shared ownership home, you must have:
• formally accepted an offer for the sale of your current home (called ‘sold subject to contract’
or ‘STC’)
• a memorandum of sale
You must have completed the sale of your home on or before the date you complete your shared
ownership purchase.

Older people

If you’re aged 55 or over at the time of buying the home, you can buy up to a 75% share through the
older people’s shared ownership (OPSO) scheme. Once you own 75%, you will not pay rent on the
rest.

Disabled people

You can apply for a scheme called home ownership for people with a long-term disability (HOLD) if
there are no shared ownership homes for sale:
• where you need to live to be close to your support network
• that meet your needs
The HOLD scheme helps you to buy a home on the open market that is suitable for your needs. It
works in the same way as the shared ownership scheme.
To apply, first register with us by completing the shared ownership application form.

Priority for military personnel

Only serving and some former military personnel will be given priority over other groups.

How it works

You pay for a percentage share between 10% and 75% of the home’s full market value. You enter
into a lease agreement with the landlord, and agree to pay rent to the landlord on the remaining
share.
Most shared ownership homes require an initial share purchase between 25% and 75%. When
homes are available for sale under the new model for shared ownership, shares will be available
from 10%. A limited number of these homes will be available in 2021. More will become available
from 2022 onwards.
When you find a home you want to buy, you’ll be referred to a mortgage adviser. They will assess
your income and outgoings. They will tell you the share purchase you can afford based on your
personal circumstances.
You can buy more shares in your home. This is known as ‘staircasing’. If you buy more shares, the
rent you pay goes down in proportion to the landlord’s remaining share.

Homes you can buy through shared ownership

You can buy:
• a new-build home
• an existing home for sale through a registered provider’s shared ownership resale scheme
• a home that meets your specific needs, if you have a long-term disability
All shared ownership homes (houses and flats) are sold as leasehold. This is because the landlord has
an interest in the remaining share.
If you reach 100% ownership, where possible, for most houses the freehold will transfer to you, and
the shared ownership lease falls away. For most flats, the lease will remain in place but the shared
ownership obligations will fall away.
The provider selling the home will tell you how this works.

More information