Shared Ownership
If you cannot afford a home on the open market, Shared Ownership offers you the chance to buy a share of a home, from as little as 10%, in some cases, and pay a subsidised monthly rent for the remaining share. Later, if you wish to buy more shares in your home you can, this is known as “staircasing”. Some homes can be staircased to 80% and others to 100%. Shared Ownership homes are always leasehold.
You can buy a brand-new shared ownership home or an existing one, known as a “resale”, where a shared owner is selling their shares and moving.
To check if you are eligible for Shared Ownership visit the Own Your Home: Shared Ownership page.
To apply for a shared ownership home you are required to carry out a financial assessment to establish the share size that you will be able to afford and sustain. This can be with cash savings and or a mortgage. Our sales team will assist you through this process.
In line with our Homes England obligations Connexus operates a First Come First Served Policy (which forms part of our Affordable Home Ownership Policy) and a Surplus Monthly Income Policy. You can read more about these policies here:
Do you qualify for Shared Ownership?
You can buy a home through Shared Ownership if you:
- Can’t afford to buy on the open market and at least 18 years old
- Have a household income of less than £80,000 per year
- Have a good credit rating
- Have at least £1,500 of savings to cover the one-off costs (things like solicitor fees). Remember this doesn't include any mortgage deposits, developer reservation fees or stamp duty (if applicable). Most schemes will require you to have a deposit of at least 5% of the share you are buying.
