FAQs: Can I buy a Shared Ownership home?
Frequently asked questions about buying a Shared Ownership home
Can I purchase any property on a Shared Ownership basis?
Shared Ownership is only available on properties that have been built for that scheme by a housing association using a government subsidy. Therefore, the option does not exist to make an offer on an outright sale property on a Shared Ownership basis.
Does Shared Ownership mean sharing with another person?
No. Shared Ownership doesn’t mean you share the ownership of the property or have to live with another person. It means you own a share of the property and pay rent on the portion you don’t own to a housing association. Buying a house with friends, a spouse or a partner is known as joint ownership.
How many bedrooms am I entitled to purchase?
There is no longer a restriction on the number of bedrooms within the property you wish to buy. Previously Shared Ownership purchasers were eligible to apply for properties with up to one extra bedroom than the household size required. Now, as long as you can afford it, you can apply for properties with as many bedrooms as you wish.
What is a resale Shared Ownership property?
Resales are Shared Ownership properties where the current owner is selling their share. Unless they are ‘fixed equity’, you purchase the share on offer and can choose to purchase additional shares in the future (via a process known as staircasing) until you own the property outright.
I am over the age of 55, can Shared Ownership help me?
If you’re aged 55 or over, you may want to buy through Older Persons Shared Ownership scheme. It works in the same way as the general Shared Ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.
Shared Ownership FAQs
Interested in buying a leasehold Shared Ownership home? Often referred to as ‘part-buy part-rent’, find answers to all of your questions on Share to Buy.
While poor credit history doesn’t rule out the possibility of buying a home through Shared Ownership, you would need to be able to take out a mortgage on the property. If your credit history stops you from doing this, then you would not be able to proceed. We would recommend speaking to an independent mortgage advisor who can assess your case and outline your budget to help you search for a home. Credit score is taken into consideration and you’ll get a better understanding of this during your assessment.
Contact a specialist mortgage broker