Shared Ownership
Shared Ownership – A More Affordable Way to Own Your Home
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
Buying your first home can feel like a big step, but Shared Ownership is a government-backed scheme that makes homeownership more accessible for those who may struggle to buy outright. At Oadby Mortgages, we’re here to help you understand how Shared Ownership works and how it could be the solution to getting you onto the property ladder.
What is Shared Ownership?
Shared Ownership is a scheme that allows you to buy a share of a property and pay rent on the remaining portion. This means you can get onto the property ladder with a smaller deposit and reduced mortgage payments. Over time, you can increase your share in the property through a process called “staircasing,” eventually owning 100% of the home if you choose.
How Does Shared Ownership Work?
- Buy a Share: You can purchase a share in a property ranging from 25% to 75% of the market value.
- Pay Rent on the Remainder: You’ll pay rent on the portion of the property that you don’t own, making it more affordable.
- Staircasing: Once you own your share, you can choose to buy additional shares in the property, increasing your ownership over time.
- Eligibility:
The scheme is available to first-time buyers, people who’ve previously owned a home but can’t afford to buy one now, or those with specific housing needs.
Why Choose Shared Ownership?
- Lower Deposit & Mortgage: With a smaller share to buy, you’ll need a smaller deposit and lower mortgage payments, making homeownership more affordable.
- Rent & Mortgage Combined: Instead of paying high rent to a landlord, you’ll be paying both rent and mortgage payments towards your share of the property.
- Staircase to Full Ownership: Over time, you can increase your share in the property until you own it outright.
- Available on New Builds & Resales:
Shared Ownership is available on both new-build homes and some resale properties, giving you more choice.
Who we can help
At Oadby Mortgages, we specialise in helping people access Shared Ownership properties and secure the right mortgage deal for their needs. We’ll guide you through the entire process to make it as smooth as possible.
- Expert Advice: We’ll explain how Shared Ownership works and whether it’s the right option for you.
- Mortgage Comparison: We’ll help you compare mortgage options and find the most suitable deal for your Shared Ownership property.
- Support Every Step of the Way:
From finding a property to applying for a mortgage and completing the paperwork, we’ll be there to assist you.
Getting Started with Shared Ownership
- Check Your Eligibility – Find out if you meet the criteria for Shared Ownership. You’ll generally need to be a first-time buyer or unable to afford a home suitable for your needs on the open market.
- Find a Shared Ownership Property – You can search for Shared Ownership homes on specific websites or through housing associations that offer properties.
- Get a Mortgage in Principle – We’ll help you understand how much you can afford and which mortgage is right for you.
- Apply for Your Mortgage & Complete Your Purchase – We’ll guide you through the entire process of buying your Shared Ownership home.