Shared Ownership is becoming increasingly popular and can be a great way to take that first step onto the property ladder or to own a stake in your own home if you can’t afford to buy outright.

At Sanctuary, we aim to make Shared Ownership as accessible and straightforward as possible. We’ve looked at some of the common myths and misconceptions about Shared Ownership to make sure our buyers are fully informed about the scheme.

Fact: One of the biggest benefits of buying a Shared Ownership home is that you can usually put down a much smaller deposit than if buying on the open market. With Shared Ownership you’ll only need to pay a deposit – generally five to 10 percent - on the share you are buying, not on the full price of the property. 

For example, you could buy a two-bedroom home at our Kingsfield development in Glastonbury (40 percent share) with a deposit of just £4,000.

Fact: Almost all Shared Ownership developers, including Sanctuary, will allow you to ‘staircase’. Staircasing is the process of buying more shares in your property, usually in increments of 10 percent. As you increase the share you own of your property, you’ll pay less rent – and you’ll receive a greater proportion of the property’s value if you decide to sell. In most cases it’s even possible to buy your property outright through staircasing – our knowledgeable sales team will be able to answer any queries you have about increasing your percentage share that you own.

It could soon be easier than ever before to increase the stake you own in your Shared Ownership home. Under new Government proposals, buyers could soon be able to increase the stake they own in their home in one percent chunks, instead of the current minimum of 10 percent.

Fact: It’s no harder to get a mortgage for a Shared Ownership property than it is for any other home. There are more and more lenders offering options for Shared Ownership mortgages all the time, and the options are calculated on the same affordability criteria and are just as competitively priced.

The main difference is that you’ll only be taking a mortgage on the share of the home you are buying, meaning the cost will be significantly lower than buying a property outright on the open market.

Fact: With Shared Ownership, you make monthly mortgage payments on the part of the property you own, as well as a subsidised rent on the remaining share.

Our research has 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.

For example, if you purchased a 40 percent share in one of The Lexden three-bedroom homes at Penny Fields in Frating, Essex, your total monthly cost, including mortgage and indicative rent could be just £1,086 versus £1701 a month on full mortgage.

Rates will vary depending on the property you are buying and individual circumstances, so why not get in touch to find out just how affordable Shared Ownership could be for you.

Fact: While Shared Ownership properties are a great option for first-time buyers looking to get a foot on the housing ladder, the scheme is open to all different types of purchasers.

As long as you’re not a current homeowner and meet the other income and eligibility criteria, you will be eligible for the scheme.

Fact: We offer Shared Ownership properties at our developments in a variety of locations all over the country. From rural living at Penny Fields in Frating or historic towns like Glastonbury and our homes there at Kingsfield to exciting locations like Station Square for town centre apartments or Watling Gate in Sittingbourne, our Shared Ownership scheme help people get onto the property ladder in the areas where they want to live.

We’re also developing new properties all the time, so be sure to visit our Developments page regularly to keep up to date with all the latest listings and see if one of them could be perfect for you.

Fact: A common misconception with Shared Ownership properties is that the same rules apply as renting when it comes to decorating your home or changing the way it looks. But in fact the opposite is true – your Shared Ownership home is yours and you are free to paint, decorate and carpet however you like. The only time you will need to seek permission from us is if you want to extend your property.

An image showing what Shared Ownership means

For more information on Shared Ownership visit some of the other pages in this section, alternatively if you have a question you can always get in touch with us via our Contact Us page. To view our properties that are available for Shared Ownership please view our current Developments or use our Find your Home section.


For help finding your brand new home contact us