Shared Ownership

Shared Ownership: Getting on the Property Ladder

Getting on the first rung of the homeownership ladder can be challenging, especially if you have a lower income, are on a single income, or don’t have a large deposit saved.

The Shared Ownership scheme can be a game-changer for many aspiring homeowners. But what exactly is Shared Ownership, and could it be the right option for you?

What is Shared Ownership and how does it work?

Shared Ownership is a government-backed scheme that allows you to purchase a share of a property—typically between 25% and 75%—while paying rent on the remaining share, usually owned by a developer or housing association. Most properties available through the scheme are newly built, although some older homes are included.

If you can only afford a smaller share, such as 25%, the scheme allows you to buy additional shares later, a process known as staircasing.

Our experienced Shared Ownership mortgage advisors can help you access suitable mortgage deals based on your circumstances. It’s important to note that Shared Ownership homes in England are usually leasehold properties.

Am I eligible for Shared Ownership?

To determine if Shared Ownership is right for you, eligibility depends on factors such as location and household circumstances. You don’t need to be a key worker, though certain groups, such as military personnel, may have priority. Key eligibility questions include:

Are you a first-time buyer, or have you owned a home previously but cannot afford one now?
Is your combined household income under £80,000 (or £90,000 in London)?
Do you currently rent a housing association or council property?

If you meet these criteria, Shared Ownership could be a practical path to owning your first home.

The Shared Ownership Process

Check your eligibility

Before you start, confirm you meet the criteria for Shared Ownership, including income limits, first-time buyer status, or current renting from a housing association or council.

Find a suitable property

Search for Shared Ownership homes in your chosen area. Most are newly built, but some older properties are available. Decide on the share you can afford, usually between 25% and 75%

Get your mortgage agreed in principle

Speak to a Shared Ownership mortgage advisor to get an Agreement in Principle. This confirms how much you can borrow and shows sellers and housing associations that you are a serious buyer.

Apply for the property

Submit your application to the housing association or developer. This usually includes proof of income, identification, and details of your deposit. Your application will also be assessed for affordability and suitability, and submitting it accurately helps speed up approval and secure your chosen property.

Mortgage application

Once your application is accepted, your advisor will help you submit a full mortgage application for your share of the property and manage the process with the lender. They will ensure all documents are complete, deadlines are met, and any questions from the lender are addressed promptly, keeping the process smooth and stress-free.

Property valuation

Your lender will carry out a valuation to ensure the property is worth the agreed price. This protects both you and the lender before issuing a formal mortgage offer. The valuer will assess the condition, size, and market value of the property, giving you confidence that your investment is sound and the mortgage is secure.

Receive your mortgage offer

After valuation and checks, the lender issues a formal mortgage offer, confirming your loan has been approved. This sets out the terms, interest rate, and any conditions, giving you full clarity and confidence as you move forward to legal completion and prepare to take ownership of your new home.

Receive your mortgage offer

Once the valuation and checks are complete, your lender will issue a formal mortgage offer, confirming your application has been approved. This document outlines the mortgage terms, interest rate, and any conditions, giving you full clarity and confidence as you move towards completion and prepare to take ownership of your new home.

Legal work and contracts

Your solicitor will handle the legal process, including reviewing the lease and completing contracts. This ensures everything is in order before completion. They will also liaise with the housing association or developer, answer any questions, and make sure all paperwork is accurate so you can move in smoothly and without delays.

Complete and move in

On completion day, the funds are transferred, your share of the property is yours, and you receive the keys. You can start paying rent on the remaining share and move into your new home.

Staircasing (optional)

Later, if you wish and can afford it, you can buy additional shares of the property to eventually own it outright. This process, known as staircasing, allows you to increase your ownership gradually, reduce the rent you pay, and ultimately secure full ownership of your home over time.

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

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Address : 1 Mychell House, Pincott Road, London, SW19 2NN
Email : info@propertyclinicsolutions.com
Phone : 0333 404 0589

Property Clinic Solutions Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our Financial Services Register number is 1040229. You can check this on the FCA’s website: www.fca.org.ukProperty Clinic Solutions Limited is a company registered in England and Wales, registration number 15630130, with its registered office at 1 Mychell House, Pincott Road, London, SW19 2NN.

Your home may be repossessed if you do not keep up repayments on your mortgage.
For our mortgage advice services, we may charge a fee ranging from £0 to £499, depending on the type of application. The exact amount will be confirmed at the earliest possible opportunity.