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Shared Ownership

Shared Ownership

Shared Ownership is designed so that you can buy a new home with a lower deposit and with monthly housing costs that are approximately 20% lower than if you were to buy the same home outright on the open market.

With Shared Ownership, you buy a share in your new home or a resale home usually between 25% and 75% of the full market value of the home. You also pay rent, which is initially capped at a maximum of 2.75%, on the part owned by Network Homes. In addition a service charge is payable per month.

You will need to have savings to cover any deposit required by your mortgage lender and the costs involved in moving.

When you can afford to, you can take your next steps and increase the share you own; this is known as 'staircasing'. The cost of the additional share that you buy will be based on the current market value of your home.

To buy through shared ownership you will need to do what is known as 'maximise your affordability'. What this means is that you will be required to take out a mortgage for the share that you are purchasing and any deposit you may have. Even if you can afford to buy the minimum share of the property in cash, you will still be required to take out a mortgage.

Every application needs to be assessed on an individual basis and you will be required to purchase the maximum share you can afford.

  • Benefits of buying a shared ownership home

    There are lots of good reasons to buy a home with shared ownership.

    When buying a brand new home you:

    • Can buy chain free
    • Have a 10 year National House Builders Council (NHBC) guarantee
    • Will have the opportunity to purchase a property in a popular area
    • Will have a new home with fully fitted appliances, ready for you to move straight in.

    Buying an existing shared ownership property can:

    • Offer you the chance to buy in sought after developments in high demand areas.
    • Provide you with an opportunity to buy an older property in an established community.
  • Eligibility for shared ownership

    You can buy a home through shared ownership if:

    • Buying in London: You have a gross household income of no more than £90,000 per annum and you can purchase a property of any bedroom size.
    • Buying outside of London: You have a gross household income of no more than £80,000 per annum and you can purchase a property of any bedroom size.
    • You are a first-time buyer (or you used to own a home, but can’t afford to buy one now).

    We will assess every application on an individual basis and our sales consultants will help you through the process.

    Where there are multiple customers looking to purchase a home, we will give priority in the first instance to the priority groups, and then on a first come, first served basis.

    Top level of priority groups:

    • People currently living in social housing.
    • People in the armed forces.
    • People who have local connections to the area.
  • Home Ownership for People with Long-Term Disabilities (HOLD)

    If you have a long-term disability, ‘Home Ownership for People with Long-Term Disabilities’ (HOLD) can help you buy any home that’s for sale on a shared ownership basis. You can only apply for HOLD if the properties available in the other HomeBuy schemes don’t meet your needs, e.g. you need a ground-floor property. Your local HomeBuy agent can help you.

  • Buying more shares

    You can buy more shares in your home any time after you become the owner. This is known as staircasing. The cost of your new share will depend on how much your home is worth when you want to buy the share. If property prices in your area have gone up, you’ll pay more than for your first share. If your home has dropped in value, your new share will be cheaper.