Shared ownership mortgages

To apply for a mortgage with us through a shared ownership scheme, your combined 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 need to

• Be a first-time buyer, or have owned a home
• Plan to live in the property and not rent out any part of it
• Have the permanent right to live in the UK

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. There are 3 main points

• You buy between 25% and 75% of the property from a housing association
• You take out a 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 are

• 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
  

How to get started

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. The following pages explain everything you need to know for the country you’re buying a property in.

England (London): Share to Buy

England (outside London): Help to Buy

Northern Ireland: Co-ownership

Scotland: Shared ownership

Wales: Shared ownership