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What are the costs of shared ownership?

Helping you prepare financially

Before you set out to buy a new home, it’s important to understand all the costs that come with it. Whether you’ve already decided to buy a shared ownership home with SO Resi or you’re just looking into the differences between a shared ownership mortgage and a traditional one, our handy guide will help you understand all the monthly outgoings, as well as the one-off costs before you move in.

….What will I pay each month for shared ownership with SO Resi?

SO Resi homeowners have a number of costs each month. The amounts can change over time. It’s important to pay all these costs every month.

Your mortgage payment
This goes towards paying off your shared ownership mortgage.

Your SO Resi payment
This is for the share of your home that you don’t own.

Your service charge
This is to look after the shared areas of the building or development you live in.

The usual costs of owning a home
These include household bills and the costs of repairs inside your home.


…Are there upfront costs for shared ownership? 

 Before you buy a SO Resi home there are some upfront costs. They include your deposit, plus at least £3,000 for the other costs. You can’t borrow money for these, so you need to have the funds available.

Your deposit
With SO Resi this can start from just 5% of the value of the share of the home you are buying. 

Solicitors fees and disbursements
The fees are often around £1,000. On top of that are disbursements, which pay for things like local searches. Your solicitor should give you a quote upfront.

Independent financial advisor fees
We recommend asking an IFA to help choose the right mortgage for you; we have a range of IFAs on our panel who can all provide you with an upfront cost if there is a charge. You can also go directly to a bank or building society.

Stamp duty
This may not apply, but your solicitor can tell you more.

Reservation fee
If you are buying a SO Resi new build home, you need to pay a reservation fee of £250. We will then refund it when you move in.


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We've made some helpful videos about shared ownership with SO Resi – this one looks at the costs involved.

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