To many people, this scheme is known as Shared Ownership.
If you are eligible, you buy a share of a property,
usually 50 or 75%, with the developer keeping
the other share. You have the flexibility to buy
more shares at any time, up to 100%. This is known
as staircasing. You pay a small rent charge on
the developer's share of the property, which is
up to 3% of the remaining share in the property.
The idea is that the monthly mortgage and rent
payments add up to less than a mortgage on the
full value of the property. In some cases it is
also cheaper than renting in the given area.
When you want to move home, you can sell the share
you own on the open market, or if you have staircased
and now own 100%, you can sell the property as
usual.
Who can apply?
To apply you must be eligible, and be able to
afford the share you wish to purchase. See our
am I eligible section for more details.
