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Shared ownership is a government scheme which gives first time buyers the opportunity to buy a share of a home rather than trying to buy it all at once. You might also hear it called part-buy part-rent.
Shared ownership lets you purchase a share of a home – usually between 10% and 75% and then pay rent on the remaining share, usually to a housing association or local authority.
You’ll need a smaller mortgage than if you were to buy the whole property and a smaller deposit. This is because you may need a 5% deposit of the value of your share and not 5% on the whole property value.
The rent you pay on the rest of the value of the home is often below-market-value, but you will have to factor in service charges and ground rent.
With the shared ownership scheme, you may also be able to buy the other part of your home, when you're ready.
Example house value
(100%)
£200,000
The share you want to buy
(50%)
£100,000
Minimum deposit
(5% of £100,000)
£5,000
The share you want to rent
(50%)
£100,000
In this example, the mortgage would be £95,000 with a deposit needed of £5,000 to buy the 50% share.
The scheme is available to first time buyers with a combined income of £80,000 a year or less (or £90,000 a year or less in London). You can also apply if you owned a home before or if you're an existing shared owner and want to move.
Shared ownership offers a different route to getting into your own home. It’s always important to check all the options before making any decisions. Take a look at our shared ownership pros and cons to see if this is the right scheme for you.
Our mortgage finder will help you find a mortgage deal that works for you.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 30/04/2027, followed by 1.5% of amount repaid until 30/04/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 30/04/2027, followed by 1.5% of amount repaid until 30/04/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 30/04/2027, followed by 4.5% of amount repaid until 30/04/2028, followed by 3.5% of amount repaid until 30/04/2029, followed by 2.5% of amount repaid until 30/04/2030, followed by 1.5% of amount repaid until 30/04/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 30/04/2027, followed by 4.5% of amount repaid until 30/04/2028, followed by 3.5% of amount repaid until 30/04/2029, followed by 2.5% of amount repaid until 30/04/2030, followed by 1.5% of amount repaid until 30/04/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 30/04/2027, followed by 1.5% of amount repaid until 30/04/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
3.5% of amount repaid until 30/04/2027, followed by 2.5% of amount repaid until 30/04/2028, followed by 1.5% of amount repaid until 30/04/2029 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 30/04/2027, followed by 1.5% of amount repaid until 30/04/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 30/04/2027, followed by 1.5% of amount repaid until 30/04/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 30/04/2027, followed by 4.5% of amount repaid until 30/04/2028, followed by 3.5% of amount repaid until 30/04/2029, followed by 2.5% of amount repaid until 30/04/2030, followed by 1.5% of amount repaid until 30/04/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
*Initial estimated monthly payments are calculated based on the figures entered above on a capital and interest repayment basis.
**For owner occupier mortgages, the actual variable rate applied will be based on the value of your property relative to the outstanding mortgage balance (this is known as the Loan to Value (LTV)). However, this rate will never be higher than the Society’s Standard Variable Rate at that time. For further details about what happens to your interest rate when your mortgage offer period ends, click here.
We’ll instruct a mortgage valuation. This is for our own use only. The cost of the valuation is set out in the product features. Where you feel you need more information about the property including its condition, there are three additional types of survey available to you: Home Survey Level 1 (Previously known as a Condition Report), Level 2 (Previously known as a Home Buyers’ Survey) and Level 3 (Previously known as a Building Survey). You’ll need to decide which level is best for you. For further details please visit rics.org
Representative example
A mortgage of £90,000 payable over 35 years initially on a fixed rate for five years at 5.04% and then on our current standard variable rate of 6.24% (variable) for the remaining 30 years would require an initial payment of £804.49, 61 monthly payments of £456.52 and 358 monthly payments of £520.48.
The total amount payable would be £215,171.33, made up of the loan amount plus interest (£125,077.69), and an account management fee (£125 - paid upon redemption).
The overall cost for comparison is 6.0% APRC representative.
This representative example assumes mortgage payments are made on the 1st day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Whether you have a question or are ready to take the first step, we're happy to help.
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You can also request a call back or visit us in branch.
