Everything you need to know about shared ownership properties.

Fancy getting a good leg up on the property ladder? Why not try a shared ownership property, we have pulled together everything you need to know about buying a shared ownership home. Ideal for families and first time buyers!


What is Shared Ownership?

If you're buying a shared ownership property you buy a stake between 25% and 75% through deposit and mortgage. The remaining percentage will belong to the local housing association, to which you will pay rent to (Usually 3%).

Am I eligible?

If you're a first time buyer and earning less than £80,000 a year outside of London and £90,000 inside of London, then yes! This would be an ideal opportunity for you to get on the housing ladder.  The previous restrictions on location and income are now relaxed making it easier for first time buyers to buy.

Can I buy more ownership over the years?

Yes! This is called "staircasing". The cost of increasing your own share on the property will only depend on the housing market and how much your property is valued at. To buy a bigger share you will have to pay a fee for the housing association to come out and do a valuation on your home. Just make sure you have the cash to pay off your first share. Although each housing association will have different policies, generally the minimum share you can buy when staircasing will be 10%.

Advantages of Shared Ownership

  • It is a great way to get onto the housing ladder as a first time buyer.
  • You can buy more shares as time goes on.
  • You can sell your shared ownership property whenever you want, you may even benefit if they valuation is higher during this time.


Things to remember about Shared Ownership

  • You may need to be flexible with your ideal location, but buying a shared ownership property is worth it in the long run. An excellent way to jump onto the housing ladder. 
  • The cost of staircasing can fluctuate depending on the housing market at the time.
  • There will also be a service charge to pay, as with any leasehold properties.


Riverside Etal Lane

Etal Lane Shared Ownership

Check out our new site over at Etal Lane, Westerhope. 

2 & 3 Bedroom homes available from £133,000.

Speak to our sales team for more information and to book your viewings on 0191 243 1000 followed by option 1. 


Walton Robinson