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Buying Your Shared Ownership Home

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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What is Shared Ownership?
Shared ownership allows you to purchase between 25% and 75% of a property while paying subsidized rent on the remaining share to a Housing Association. Over time, you may have the opportunity to buy additional shares in the property, eventually owning it outright a process known as staircasing. This scheme is an excellent option for individuals who may not have the savings or income required to purchase a property outright. Most shared ownership homes are newly built, but some may be resales offered by housing associations. In England, all shared ownership properties are leasehold only.

How Do Shared Ownership Mortgages Work?
With shared ownership mortgages, you finance a portion of the propertys value, typically between 25% and 75%. Heres an example:

- If you buy a 30% share of a property valued at £300,000, your share would cost £90,000. You would pay rent on the remaining 70%.

- Rent is usually 3% of the portion of the property you dont own. For example, the rent on the remaining £210,000 would be £6,300 per year, or £525 per month.

- Youll also need to provide a deposit, typically 5-10% of the share youre buying. For a £90,000 share, a 10?posit would be £9,000.

Is There an Eligibility Criteria?
To qualify for shared ownership, you must meet the following criteria:
- Be at least 18 years old

- Have a household income below £80,000 (£90,000 in London)

- Not own another property

- Be approved for a mortgage (e.g., pass credit and affordability checks)

- Provide a deposit of 5-10% of the share youre purchasing

Why Choose MAP for Shared Ownership Mortgages?
At The Mortgage Advice Professionals (MAP), we understand the unique needs of shared ownership buyers. Heres why we stand out:

Let MAP guide you through the shared ownership process, making homeownership a reality for you.

- Qualified Advisers: All our mortgage advisers are professionally trained and receive bespoke training on the shared ownership process before offering advice.

- Local and Flexible Support: Our advisers are locally based and can meet you at your home, a convenient location, or via Zoom or phone appointments.

- Availability: Our team is available 7 days a week, ensuring you can reach us anytime to discuss your mortgage or any aspect of your purchase. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Most buy to let mortgages are not regulated by The Financial Conduct Authority. A lifetime mortgage is not suitable for everyone, and it is important to seek financial advice before taking any action. All other options available should be explored before choosing equity release. Interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home potentially to nothing. Please discuss with your family and beneficiaries.

The Mortgage Advice Professionals (MAP) Your Way Home

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

THE MORTGAGE ADVICE PROFESSIONALS AND MAP ARE TRADING NAME OF THREE STARS FINANCIAL SOLUTIONS (UK) LIMITED WHICH IS AN APPOINTED REPRESENTATIVE OF OPENWORK LIMITED WHICH IS AUTHORISED AND REGULATED BY FINANCIAL CONDUCT AUTHORITY.

APPROVED BY OPENWORK PARTNERSHIP ON 03/02/2025.


The Information on this website is subject to the regulatory regime and is therefore targeted at consumers in the UK.

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