If you are house hunting but find that you just can’t quite afford to get your foot on the housing ladder, then shared ownership might be the ideal solution for you.

To qualify for shared ownership, you or you and your partner must earn less than £80,000 combined or £90,000 if you live in London. You can read more about eligibility criteria and how the scheme works in our FAQs.

We have compiled a list of benefits which you may not have thought of when considering a property through a shared ownership scheme …

1. Smaller deposit

When buying a shared ownership property, you can purchase between 25-75% of the market value, depending on how much you can afford. This means that the cost of your mortgage will be significantly less than buying a property outright. This reduction in mortgage cost means you can put down a much smaller deposit, sometimes even smaller than you might think.

For example, a two-bedroom property at our Chase Park development could cost as little as £33,750 for a 25% share, meaning you would only need a deposit of £3,375!

2. Potential to grow your equity

Even with a small deposit, you could still benefit from growing equity as you pay your mortgage, if your home increases in value. An increase in your home’s value could benefit you when you come to sell your share.

For example, if you bought a 50% share of a £120,000 home (£60,000) that increased in value to £140,000, then you could sell your share for £70,000.

3. Staircasing

Staircasing refers to purchasing greater shares on your property. Almost all shared ownership developers will allow you to staircase, with some capping this at 75% and others allowing you to staircase all the way up to 100%.

If in doubt always speak to your sales adviser about your staircasing options.

4. Reducing monthly cost

On average, even with the cost of your mortgage repayments plus rent, we have found that shared ownership properties work out cheaper per month than an equivalent property would be to rent privately. This means that you might be able to reduce your monthly outgoings whilst building your equity, and enjoying all the benefits of living in a new build home.

5. Personalisation

It is a common misconception that with shared ownership properties the same rules apply as renting, in that you can’t decorate or change the way your home looks. In fact, quite the contrary, the only time you will need to seek permission from us is if you want to extend your property.

Your home is yours and you are free to paint, decorate and carpet however you like. We love seeing your interior design ideas, if you already live in a Sanctuary Home tag us in your photos on Instagram @Sanctuary_Homes.

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For help finding your brand new home, call our team on 0800 916 1444 or Contact us