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A shared ownership mortgage could help you get onto the property ladder. Find out how they work here.
Shared ownership mortgages are available to people living permanently in the UK who:
One of the following must also apply:
It’s easy to get started. Just contact your nearest housing association to apply for the shared ownership scheme.
You’ll be asked questions about your:
The amount you can borrow will normally depend on your:
The minute you’ve been accepted it’s time to get excited – you can start looking for your new home.
Shared ownership: pros and cons
How does shared ownership work when you sell your home?
It’s worth knowing that the housing association will have the first option to sell your property before you do.
This is called ‘first refusal’ and means they can find their own buyer if they want to. This is also the case if you don’t own a full share of your property at the end of your tenancy.
Can you build an extension on a shared ownership house?
You’d need to get permission to add an extension. You can ask the housing association for this.
Can you buy a shared ownership house outright?
You can buy a bigger percentage of your home at any time. This is called ‘staircasing’.
You may be able to buy a 10% share of the overall value of your shared ownership home. To buy any bigger percentage than that, you may have to pay extra.
The amount you’ll have to pay to increase your share depends on how much your home is worth. You can find this out by paying the housing association to carry out a valuation.