Back to the list

Can I really afford to get on the property ladder?

Can I really afford to get on the property ladder?

Shared Ownership isn’t about sharing a house with a stranger – it’s a way of getting onto the property ladder if you can’t afford to buy a home outright on the open market.

How it works is really easy - you buy a share of a brand new property (between 25% & 75%) from a registered provider (usually a housing association) with your savings and a mortgage and then pay a subsidised rent every month on the remaining share.

It’s affordable because you are only purchasing a share of a new home initially, so that means your mortgage and deposit are much lower than if you were buying the property outright.  The rent is subsidised, which means it’s lower than market rent, so although you have a mortgage and rent to pay, it still works out to be cheaper than if you just had a mortgage for the whole property.

So not only can Shared Ownership get you on to the property ladder more quickly than if you were buying outright, you also have the opportunity to buy the remaining shares in the future and own your home outright!

We’ve got lots more information about Shared Ownership on the Help to Buy Options section of our website and also a handy FAQs page but if you have more questions, please call our friendly advisors on 03458 50 20 50 option 2 and they’ll be happy to help.

Still not sure? Read some of our Customer Stories; they never thought they’d be able to buy their own home and now they couldn’t be happier!