Shared Ownership is a more affordable way to have the security and stability of owning your own home. Shared Ownership is a government backed part buy/part rent scheme designed to help you take that first step on the property ladder.
The scheme enables buyers to purchase a share of the value of the home – this is usually between 25 to 75 percent of the value of the property – and pay a subsidised rent on the remaining portion. You have the option to buy a bigger share in the property at a later date (known as Staircasing).
You buy a share of the property, on which you’ll pay a mortgage
On the remaining share that we own, you make a monthly payment
Finally, you pay a monthly service charge or estate management charge