Shared Ownership is becoming an increasingly popular way to get on the property ladder, so inspired by the launch of Shared Ownership Week (20th-26th of September), here’s some more information on what the scheme involves and how it may be of interest to you.

Shared Ownership is designed to provide an affordable and smart way to buy a new home, by allowing you to purchase a share in a brand-new property. The share is usually a minimum of 25% of the home’s market value, but more shares can be purchased depending on the scheme.

Shares can be purchased with cash, or via a traditional mortgage, with subsidised rent payable monthly on the remaining share. Shared Ownership is also very flexible as it allows you to buy further shares in your home at any time (often referred to as ‘staircasing’). Staircasing enables you to increase your share all the way up to 100% on certain developments.

The scheme is designed to help people who can’t afford to buy a home on the open market. However, there are various criteria to determine whether you are eligible for a Shared Ownership property. For example, if your household income is less than £80,000 (or £90,000 in London) and you’re a first-time buyer, you could potentially qualify.

If you would like to find out more information about Shared Ownership visit https://www.sanctuary-homes.co.uk/shared-ownership or to view the properties we have available for to buy via Shared Ownership, please see our Developments page.

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