Shared Ownership
If you can’t quite afford a mortgage on the open market, Shared Ownership offers you the chance to buy a share of your home (Connexus typically sell between 25% to 75% of the home’s value) and pay a subsidised monthly rent for the remaining share. Later on (for some properties) you can staircase to 100%.
With Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations like us. You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. Shared Ownership properties are always leasehold.
See if 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
- Preferably a first time buyer*
- 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.