Answering your Shared Ownership questions!

June 2018

How does the shared ownership scheme work?

It works on a part buy/part rent. You buy a share in a property and pay rent on the rest. The bigger the share you buy, the less rent you will have to pay.

Will I need a mortgage for shared ownership?

Usually yes. The great thing is that your deposit is based on the share that you buy and not the full purchase price. This means a much lower deposit. Many banks are offering mortgages with as little as 5% deposit!

Can I remortgage on a shared ownership property?


How long does the shared ownership process take? (How long will it take for my application to be processed?)

Your application with us will give you an instant answer if you apply on-line. If you have already found a property then your application can be sent straight on to the housing association. They will carry out an in depth financial review with you and look at what share you can afford to buy. Please bear in mind that there may be other people wanting to buy the same property so although you have been approved by us this does not guarantee that the housing association will offer the property to you.

Who is responsible for the repairs/upkeep if I buy a shared ownership home?

You will be responsible for all repairs and maintenance. If you are purchasing a flat then you will pay service charges for the upkeep of the shell of the block but you will be responsible for your own flat.

If I use shared ownership, does it mean I'm going to be sharing my house with someone else?

No! Not unless you want to! Shared ownership means that you own a share of the property with the remaining share being owned by the housing association.

How do I apply for shared ownership?

Simply go to our website and select “Apply” and then chose “Shared Ownership” as the scheme.

Will I ever own 100% of my property?

In most cases yes. Your initial purchase can be between 25 and 75%. After that you can buy further shares until you own the property outright. There are some restrictions (particularly in rural areas but the housing association will advise you fully on this).

The main thing to remember is that you own that property. You can paint the walls any colour that you like, put up as many pictures as you like without having to ask your landlord for permission. Modern properties are well built and well designed offering you the chance to get your foot on the property ladder and to find your dream home.