Shared Ownership

Image

What is Shared Ownership?

Shared Ownership offers a way of purchasing a property that may otherwise be out of reach. We will work with you to calculate an affordable share of between 10% and 75% of the home’s value. You will then pay subsidised rent on the share you do not own.

You can purchase either a newly built home or a resale property if it is advertised as shared ownership. You can find available properties online

Your home may be repossessed if you do not keep up repayments on your mortgage

Eligibility

You can buy a home through shared ownership if your household earns £80,000 a year or less (or £90,000 a year or less in London) and any of the following apply:

  • you’re a first-time buyer
  • you used to own a home, but cannot afford to buy one now
  • you’re an existing shared owner

Buying more shares

You can buy more of your home after you become the owner. This is known as ‘staircasing’. The cost of your new share will depend on how much your home is worth when you want to buy the share.

It will cost:

  • more than your first share if property prices in your area have gone up
  • less than your first share if property prices in your area have gone down

Selling your home

If you own a share of your home, the housing association has the right to buy it first. This is known as ‘first refusal’. The housing association also has the right to find a buyer for your home in the first instance. At SO-Mortgages, we are on hand to help you from the very start on your property search, all the way though to homeownership and beyond. We will regularly be in touch to review your circumstances and help you with any future needs, such as staircasing and selling.

Get a no obligation quote

Complete our online Eligibility Assessment and we will contact you with a no obligation quote detailing what you can afford and what your monthly payments would be.
Complete the online form

Pam and the team at SO-Mortgages were amazing to work with through the purchase of our first home. They were very prompt and answered any of our questions with ease, we really felt like our mortgage application was in safe hands and we were getting the best advice! We would highly recommend. 

.

Jennifer Blackman 06/2025