Moving home

Buying a shared ownership property

Shared ownership provides a more affordable option than buying a home on the open market but you will still need enough funds, through savings and/or a mortgage. 

When you buy a shared ownership property, the mortgage just buys a share of the home; this is expressed as a percentage and most commonly it is 25% or 50%. 

You still pay a charge on the remainder of the home however, and this charge increases each year (usually in line with inflation).  You can increase the share you own up to 100% in which case the charge on the share you do not own will go down accordingly. 

You are also responsible for the full service charge costs and these are likely to increase over time.

As a part owner, you still have many of the responsibilities of a full owner and you need to make sure you are happy with this and the costs involved. 

Find more information about shared ownership and other forms of low cost home ownership.