What's on this page:
As a shared-owner, you are eligible to buy more shares of your home at any time, working towards owning your property outright.
Here's a 3 minute video explaining how it works:
How it works
You can buy more shares in lots of 5%, from a minimum of 10% - so 10%, 15%, 20%, 25% etc.
The value of the shares you can buy is based on the current market value of your home. So, if your home is valued at £250,000, the smallest extra share you can buy is 10%, which would cost £25,000. A 30% share would cost £250,000 x 30% = £75,000.
You can buy more shares as many times as you like, but remember that each time you do so, you will have to pay for a valuation, solicitors fees, etc.
Typically, the process takes around 6 weeks.
The benefits of buying more shares
Owning more of your home can benefit you financially and give peace of mind. The key benefits are:
- Reduce your SO Resi Monthly Payment - when you purchase a larger share of your home, the rent you pay on the remaining share we own will reduce. Calculate your monthly savings here. However, bear in mind that your monthly mortgage payments may increase.
- Grow your investment - the more of your home you own, the more you benefit if house prices go up.
When to buy more shares
It’s up to you to decide when the time is right, but here are some pointers:
- A pay rise or better paid new job - more income could give you the flexibility to afford a larger share.
- You get a big bonus or inheritance - a lump sum might be enough to buy a bigger share.
- The value of your home goes up - you might be able to borrow more to buy a bigger share.
- Your mortgage rate goes down - a lower rate might mean you can borrow more.
How to decide if it’s right for you
These steps will help you decide if buying more shares makes sense for you:
- Step 1 - Get an idea of how much your home is worth. Websites like soresi.co.uk, Yopa or Zoopla can be helpful, and estate agents will often give a rough valuation for free. This will tell you how much additional shares of your property will cost.
- Step 2 - Talk to a mortgage lender. If you need to borrow more money on your mortgage, speak to your lender now to find out whether that’s possible and how much it would cost, both up-front costs and per month.
- Step 3 - Work out your monthly savings. Use our monthly payment calculator to work out how much you will save on your SO Resi Monthly Payment each month.
- Step 4 - Compare the numbers. Compare your monthly savings with the upfront costs and any increase in monthly mortgage payments to decide if it makes sense for you.
SO Resi Plus
SO Resi Plus is a special deal we offer on newly built homes at the time of purchase. SO Resi Plus allows you to buy 1% extra of your home each year at a price fixed from day one, with no extra costs to worry about.