Shared ownership mortgage
Shared ownership is a great way to get on the property ladder
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We can help you get onto the property ladder with a Shared Ownership mortgage
The Shared Ownership scheme could help if you’re struggling to save enough for a deposit, you could still get onto the property ladder. Whether you’re a first-time buyer or home mover, we could help you buy a share of between 10-75% of a property and then pay rent on the remaining share.
- No deposit options available
- Ability to buy additional shares in the property
- Competitive rates
Mortgage application process
4 simple steps for applying for a mortgage. See more about the mortgage application process here
Let us know a few details about the mortgage you require
A mortgage specialist will call
One of our brokers will call and get a few more details of your requirements
We search for your perfect mortgage
We will search the market for the best rates for your circumstances
A Decision in Principle is made
We will secure a DIP with a lender, if you approve we move forward with a full application.
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Shared Ownership FAQ
Shared ownership is a government-aided initiative to help first-time homebuyers and existing homeowners purchase a new property if you cannot afford all the deposit and mortgage payments for a home that meets your needs.
This scheme aims to help buyers who cannot afford the mortgage on 100 percent of an existing or new-build home, and is available to people with an income of less than £80,000 (£90,000 a year or less in London).
Through shared ownership, you may be able to overcome the problem of high deposits and acquire a home that might be out of reach under other forms of financing.
With the minimum share of 10%, getting together the finance for a home valued at £120,000, for example, means you will only have to find £12,000. You will also be able to pay a subsidised rent to the owners of the property as well as annual ground rent and service charges as your home will be a leasehold property.
If you want to increase your ownership of the property gradually, you can buy additional shares of just 1 percent at a time. This process is known as ‘staircasing.’ Using the example of the £120,000 property, you could pay as little as £1,200 for an additional 1 percent share. This allows you to gradually build up ownership in a more affordable manner.
It’s worth remembering that the amount you pay for the additional share may change, as it will be based on the value of the property at the time you make the increase, not the original price.
If you buy a new-build shared ownership home, the rent limit is 3% of the value of the share the landlord owns. Most landlords charge 2.75%.
The table shows how much the rent might be for a home valued at £400,000 and a home valued at £200,000.
|Home 1||Home 2|
|Total value of the home||£400,000||£200,000|
|Your share (40% of the total)||£160,000||£80,000|
|Remaining share (60% of the total)||£240,000||£120,000|
|Rent for the first year (2.75% of remaining share)||£6,600||£3,300|
|Your monthly rent||£550||£275|
You can buy more shares in your home after you become the owner. This is known as ‘staircasing’. When you buy more shares, you’ll pay less rent. The amount of rent you pay will be based on the landlord’s share.
You can usually buy shares of 10% or more at any time. Some older leases only allow you to buy shares of 25% or more. Some newer leases will allow you to buy shares of 5% or more.
If you bought your home on or after 1 April 2021, you may also be able to buy shares of 1% each year for the first 15 years. Ask your landlord if this applies to you. You cannot buy shares of 2%, 3% or 4%.
Before you buy a shared ownership home, ask the landlord for the ‘key information document’ to check what share amounts you’ll be able to buy in the future.
For free initial advice from our qualified mortgage brokers about a Shared Ownership mortgage, call 0800 197 0504 or click below to request a callback at a time to suit you.