How shared ownership works (and what are the costs)

If you can't afford to buy in one go, shared ownership lets you buy a share of your home and pay rent on the rest.

You can buy a share from 25%.

Usually, you'll pay a mortgage on the part you own, and pay rent to us on the rest.

Here's an example:

Total property value £200,000

You buy 40% (value £80,000)

We own 60% (value £120,000)

Your annual rent: £120,000 x 2.75% = £3,300 per year

Your monthly rent: £3,300 / 12 months = £275 per month

You can buy more shares (called ‘staircasing’) until you own 100% of your home.

Costs and monthly payments

Here's some other costs that you'll want to budget for when moving in.

Monthly payments

  • Rent payments
  • Mortgage repayments
  • Service charges (especially if it's an apartment), these pay for things such as cleaning, caretaking and maintenance
  • Home contents insurance
  • Council Tax
  • Utilities such as gas, electricity, water and internet

One off costs

  • Solicitor or legal fees
  • Mortgage fees
  • Stamp duty land tax
  • Your deposit - the amount you put towards the cost of your home
  • Moving costs such as hiring a van or using a removal company
  • Repairs. You're responsible for any repairs. Even though you don’t own the property completely, you still have to look after it as if you owned it all.

Administration fees

We charge homeowner administration fees for certain work you ask us to do. 

Applying to live in one of our shared ownership homes

If you fall in love with one of our homes and want to live in it, then you'll need to fill in our application form. This is so we can grab your details and make sure you're registered and eligible for shared ownership. On the form we'll need:

  • Details of who's applying (you can have up to two applicants)
  • Occupants (who else will be living in the home)
  • Your income and employment
  • Your current housing situation
  • Your housing requirements

If you need any help then our Sales Team are on hand to support you every step of the way.

Once we've received your application we'll review it and get in touch if we need any further information. We'll send you regular updates on your application and the next steps.

GOV.UK Shared ownership homes: buying, improving and selling

The government website has lots more information on shared ownership and how it works on their shared ownership homes: buying, improving and selling pages.