A Shared Ownership Mortgage allows you to purchase a portion of a property, typically between 10% and 75%, while paying rent on the remaining share to a housing association. Because your mortgage only applies to the share you buy, your required deposit and monthly repayments are usually lower compared with purchasing the full property outright. This makes Shared Ownership a helpful option for buyers who want to enter the housing market with a smaller upfront cost.

To qualify, your household income generally needs to be below £80,000 (or £90,000 in London), and you must meet both lender affordability checks and the criteria set by the housing association. Over time, you may choose to buy more of the property through a process known as staircasing, which can eventually lead to full ownership. Most Shared Ownership homes are leasehold, so it’s important to consider additional costs such as service charges, maintenance, and specific lease conditions.

Shared Ownership can be a practical route for first-time buyers or anyone who has the income to support monthly payments but cannot afford a full deposit. However, reviewing the long-term costs, lease obligations, and your financial plans is essential before deciding whether this scheme is right for you. For more information, please read the shared ownership mortgage blog post here.