A shared ownership option offers brand new homes for sale on a part- buy/part -rent basis from Housing Associations.
Shared Ownership homes are made available through different Housing Associations, (also known as Registered Social Landlords. Prospective buyers buy shares worth between 25% and 75% of the property’s market value and pay a subsidised rent on the remaining share. You may need to raise a mortgage to purchase your share. If you have a large deposit or equity from the sale of a property, this can also be used towards purchasing your share.
You can buy additional shares based on the market value of the house at a later date until you own 100% of the property if you wish to, and your rent is re-calculated and reduced proportionately.
If you wish to sell your property, your share is marketed for sale by your Housing Association allowing other people in housing need to benefit from low cost home ownership. The property is resold at the market value of the property at the time of resale.