Buy a share of a home and pay rent on the rest
Buying a home through shared ownership means you can apply for a smaller mortgage amount – so your deposit could be lower, too.
- Buy 25% to 75% of the property from a housing association
- Make a mortgage payment for your share, pay rent on the remainder to the housing association
- You can buy a larger share later based on the value of the property at the time
Your home may be repossessed if you do not keep up repayments on your mortgage.
How it works
Find out whether you’re eligible for shared ownership and what it could mean for you in the future.
Are you eligible?
Because shared ownership is aimed at people who can’t afford the mortgage on 100% of a home, there are income limitations on applying. Your household income has to be less than £80,000 if you live outside of London, and less than £90,000 if you live inside London.
You also have to:
- Be a first-time buyer, or have owned a home but can’t afford one now
- Live in the property and not rent out any part of it
- Have the permanent right to live in the UK
Things to consider
- Shared ownership schemes are provided through housing associations - it’s not the same as buying a property with a friend or relative
- You need to find a shared ownership property in the area you want to live – try the contacts for your region further down the page
- If you’re eligible for the scheme, you can apply for any of our standard mortgages to buy your share
- You’ll have to show us that you can afford the mortgage repayments and rent, and provide a deposit
- You can buy a larger share of the property until you own it outright
- If property prices go up, you’ll pay more for increasing your share – but if they fall, you’ll pay less
- If you’ve bought the remaining share and want to sell your home, the housing association has the first option to buy it back for 21 years after you reach 100% ownership
What to do next
To buy a home through a shared ownership scheme, you’ll need to contact the Help to Buy agent in the area you want to live:
England (London): Share to Buy – First Steps
England (outside London): Help to Buy
Northern Ireland: Co-ownership
Scotland: Housing for shared ownership
Wales: Search the web for housing associations in your area.
They’ll guide you through the process and will need to confirm to us that you’ve been approved to take part in the scheme if you decide to apply for one of our mortgages.
The government’s Help to Buy website provides more information about how shared ownership could work for you . This includes additional schemes for people aged 55 and older and people with disabilities, plus priority for people in the armed forces and those currently renting from councils and housing associations.
More ways to buy your home
Subject to status and availability. You must be 18 years old or over to apply for a mortgage.
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