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Shared Ownership can be an easier, more affordable way to become a homeowner.
Because you start by buying just a share of a home. That can be from just 10% but is usually 25% or more. Starting with a share means:
Your deposit is much lower - It’s typically 5% of just the share you buy – much less than if you bought your home outright.
Your mortgage is smaller - This is also only on the share you buy, so it’s more straightforward to get it approved.
There are other costs too. Some you pay every month. Others are one-off costs before you move in. Find out what you need to know here.
This 3 minute video explains the costs of buying your home:
Each month you must pay the following:
If you buy a resale home, there may also be ground rent to pay. We will let you know all the details if there is.
Before you buy a SO Resi home, there are some upfront costs. You can’t borrow money for these as part of your mortgage, so you will need to have saved enough to cover your deposit plus at least £3,000 for these other costs:
This short video explains service charges:
Before you can buy a Shared Ownership home, we make sure you can afford the cost of living in it. You meet an Independent Financial Adviser (IFA) who looks at your finances, helps you decide what you can afford and confirms you meet our affordability conditions. Even if you have a mortgage approved, you can only go ahead if you meet these conditions.