What is shared ownership?
Shared ownership helps people buy a home outright.
Shared ownership is a scheme designed to help those who cannot afford to buy a home outright. This may be because they cannot afford the full mortgage repayments or the deposit, or both.
With shared ownership you buy a share in a property and then pay a rent on the remaining share. You would normally fund the purchase by means of a deposit and a mortgage. Your initial share may be as little as 25% or as much as 75%.
You may be able to buy a greater share when your finances allow, until you own your home outright. This is known as staircasing.