Shared ownership mortgages

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.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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

You must be 18 years old or over to apply for a mortgage. Any mortgage you apply for is subject to status and availability.

How it works

Buying a share of a home

Shared ownership is a way to buy a share of a property that you want to live in. It’s something you arrange with a local Help to Buy agent – which we’ll explain in detail shortly. The 3 main points are:

  • You buy between 25% and 75% of the property from a housing association
  • You pay mortgage for your share and pay rent on the remainder to the housing association
  • You can buy a larger share later at a price based on the value of the property at the time

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.

How to apply

To apply, you’ll need to speak to one of our mortgage advisers. You can call us or visit a branch to book an appointment.

Call us

Call us1 today on 0800 197 1081. Lines are open all day, every day, except on bank holidays and during Christmas, when they may be closed at off-peak times.

Visit a branch

Find a branch near you that offers appointments with mortgage advisers and see when we’re open.

More ways to buy your home

Help to Buy Equity Loan scheme

Top up your deposit with an equity loan

With a Help to Buy Equity Loan, you can add to your deposit on a new-build property, whether you’re a first-time buyer or moving home.

Family Springboard Mortgage

Buy your home without a borrower deposit

Buy a home without a borrower deposit if your family or loved ones can provide 10% of the property’s price as security.

Joint mortgages

Buying property with other people

Buying with your partner, family or friends can make sense, so long as you weigh up the benefits and risks of taking out a joint mortgage with others.

Need some help?

You can talk to us about our mortgages online, in branch or by phone at a time that suits you.

Talk to us online

Start a web chat if you’d like to ask us a question online.

Call us

Call us1 today on 0800 197 1081. Lines are open all day, every day, except on bank holidays and during Christmas, when they may be closed at off-peak times.

Visit a branch

Contact a branch that offers appointments with one of our expert mortgage advisers.