Home Ownership Schemes

Shared ownership

Shared ownership schemes (part buy/part rent) are provided through housing associations. You buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. You can buy bigger shares at a later stage when you can afford to. With shared ownership you can buy a newly built home or an existing one through resale programmes from housing associations. You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. Shared ownership properties are always leasehold and you can buy a home this way if: Your household earns £60,000 a year or less. In London this is higher: £66,000 a year for a home with one or two bedrooms, or £80,000 for family homes of three bedrooms or more You’re a first-time buyer (or you used to own a home, but can’t afford to buy one now) If you rent a council or housing association property, then you will receive priority for buying a home through shared ownership. The same priority is given to Armed Forces personnel. Local authorities with shared ownership home building programmes may have further priority groups, based on local housing needs, such as people already living or working in the area.

Right to Buy

If you are a council tenant with a least five years’ tenancy you might be eligible to buy your home at a significant discount. Some housing association tenants may also be eligible.