Shared Ownership

Share the dream of homeownership and make it a reality. Buy a percentage of a property and rent the rest. A fantastic way to get on the property market. 

What is Shared Ownership?

The shared ownership scheme is a game-changer for first-time buyers or those finding it challenging to get on the housing market. This scheme simplifies home ownership by allowing you to purchase a part of a property and pay rent on the remaining share. 

  • Affordable Entry: Start with buying a small share of a property, requiring a much lower deposit compared to traditional mortgages – often starting from just 5%.
  • Staircasing: There is the option to increase your shares as time goes on if you want to, and you can buy up to 100% of the property in the majority of cases.
  • Selling Your Share: When it comes to selling your home, you can sell it yourself if you own 100% of it or, if you own a share, the housing association has the right to buy it first. This is what is known as first refusal of the property. The housing association also has the right to find a buyer for the property.
Dog In An Apartment

Eligibility for Shared Ownership

Town & Country Mortgage Services are here to offer tailored advice and comprehensive support at every step of the way of your shared ownership journey. 

  • Age and Income Limits: You must be at least 18 years old and your household income needs to be less than £80,000 if you are outside of London, or less than £90,000 if you’re based in London.
  • Applicability: While purchasers using the scheme are typically first-time buyers, you can be a part of the scheme if you already own another home, but you need to be in the process of selling it and you would be unable to afford a suitable home on the open market.
  • Credit Requirements: A good credit history is crucial to any property purchase. It shows lenders that you’re able to repay the monthly payments. 
Small Wooden Home

FAQ: Shared Ownership

Buying a shared ownership property is a great idea if it’s not an option to get a 100% mortgage for a home. It allows you to purchase a share of a property (typically between 25% and 75%) and pay rent on the remaining share. This scheme can make homeownership more accessible and manageable financially, especially in expensive housing markets.
In a shared ownership scheme, you buy a portion of a property’s value and pay rent on the remaining share, which is often owned by a housing association. Over time, you may also have the option to purchase additional shares in the property through a process known as “staircasing,” potentially leading to you owning the property outright. The initial share you can purchase is usually between 25% and 75%, and the rent on the remaining share is typically set at an affordable rate.
Selling a shared ownership property is as easy as selling a 100% mortgaged home, just with a few more steps. You are often required to offer the housing association the first opportunity to buy it back or find a buyer who also wants to purchase the property for the same shared ownership percentage that you own.

Your broker will be able to help you navigate purchasing a shared ownership property in a similar way to getting a traditional mortgage, via their lender network and ensuring your shared ownership mortgage is the right mortgage for you.

The rent you pay on the portion of the property you don’t own is usually capped at 3% of the housing association’s share per annum. For example, if you own a 50% share of a property and the housing association owns the other 50% valued at £100,000, you could pay up to £3,000 per year in rent, or £250 per month. This rate can vary, and one of our team members will be able to give you the exact information regarding your own situation.

How does Town & Country Mortgage Services work?

At Town & Country Mortgage Services, we streamline the home-buying experience with our expert guidance, ensuring your journey is in professional hands.

As an award-winning, FCA-registered broker, our free mortgage and protection advice is designed to cater to both first-time buyers and experienced investors. Trust in Town & Country Mortgage Services for a comprehensive and hassle-free experience.

Alicia K
Read More
I can't fault my experience with Town & Country Mortgages. Andy has helped me secure competitive rates for my last 2 remortgages, on both occasions he has made the decision making process easy to understand and has been extremely proactive in following up to ensure that all deadlines are met. I would highly recommend both Andy and Town & Country Mortgages without hesitation.
Craig Blumberg
Read More
I have been dealing with Town & Country for over 10 years and I can only say their service gets better and better. I cannot rate this company high enough and its great to know you not just a number but a person and always dealt with in the most professional and quickest way possible. They definitely take out the hassle and have been superb.
Mick Hewitt
Read More
Just wanted to, once again, thank you for coming to my rescue and assisting me in resolving yet another tricky period. As usual, you and the team have been of massive help, and all done with a smile. I always know that I am in safe hands. Anyway, I continue to recommend you to everybody who needs a mortgage and will forever be grateful that you are in my corner.

Free Initial Consultation

We'll discuss your current situation and assess your borrowing potential to guide you towards suitable mortgage lenders.

Agreement in Principle (AIP)

An AIP is prepared, giving an estimate of your borrowing capacity. With an AIP, you can confidently search for properties within your budget and make offers.

Tailored Mortgage Advice

We can provide specific lender and mortgage product recommendations. We handle all aspects of your mortgage application, ensuring a smooth process.

Michael Roberts
Read More
I am more than happy to recommend Ben and his team to anyone seeking a mortgage, particularly first time buyers, as I felt Ben’s approach was not only consultative but also understanding of the stresses’ surrounding buying a first home.
Elisabeth O'Shea
Read More
Lizzie was fantastic from start to finish!! So Professional, really helpful and super friendly!! She is knowledgable, explained everything in detail and offered me lots of options. Made a daunting task simple and straight, forward taking care of everything behind the scenes.
Sam Ali
Read More
We would genuinely recommend Town & Country to anyone, the care, understanding and bespoke and tailored customer experience has been second to none. It's great to have an end-to-end trusted relationship and Town & Country is our trusted recommendation to anyone.

Discover More in Our Expert Guide.

Begin your path to homeownership with assurance by utilising our detailed Shared Ownership Guide. This resource is designed to assist new buyers in navigating the unique and rewarding process of acquiring your first home through shared ownership.

For free expert mortgage advice call:

Get Free Advice Online

We’ll help you throughout the mortgage process – no hidden costs or surprises, just straightforward, honest, mortgage advice. Get in touch today for a free initial consultation.

Live Chat

Request Call

Message Us

Or call us on:

Send Us A Message

Fill in your details and we’ll be in touch soon! Our team is ready to help with all your mortgage inquiries. We aim to respond swiftly to get your journey started.

Request A Call Back

Request a call back and one of our experienced advisors will contact you soon to provide personalised advice and support.