What is Shared Ownership?Shared Ownership is a government-backed Part Buy/Part Rent scheme designed to help you take that first step on the property ladder. The properties sold under this scheme are usually new build apartments or houses; you can purchase shares from 25% up to a maximum of 75% on the initial purchase.

As this scheme is designed to be the first step onto the property ladder you cannot own another property or land in the UK or abroad.

All applicants are expected to purchase the maximum share they can afford; this will be dependent on your income and savings which you will need for your deposit, and any financial commitments you may already have. You will need to use some of your savings for legal fees and the rest of your savings will be required for your deposit.

You will need to arrange a mortgage for the share you want to buy you will also have to pay a discounted rent to your landlord on the share you don’t own and a service charge

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