Shared Ownership
'Shared Ownership' is a cross between renting and owning a house, where the occupier purchases a share (typically 25% or 50%) in the ownership of the property but pays a reduced rent on the remainder. The rent goes to the housing association and the mortgage contribution to the building society, bank or other lender.
Shared ownership housing is aimed mainly at people who cannot afford to buy a house outright on the housing market, but are still keen and financially able to make a start on the home ownership ladder and invest some of their money in their property.
Shared ownership occupiers have the right to buy further 25 per cent shares of the equity up to and including 100 per cent (after one year’s occupancy), which means that they then become the sole owners of the property.
Where are shared ownership schemes?How to apply