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As a shared owner, you are eligible to buy more shares of your home at any time, from a minimum of 5%, working towards owning your property outright.
If your home was built after 2020, you may also be eligible to buy 1% each year for the first 15 years of ownership.
This 3 minute video explains how buying more shares works:
The cost of any extra shares you buy is based on the current full market value of your home. So, if your home is valued at £250,000, buying 5% more would cost £12,500. Buying 30% more would cost £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.
Once you reach 90%, you must buy the last 10% in one go.
If your home was built after 2020, you may be eligible to buy an extra 1% of your home each year, without having to pay any legal fees, surveyors fees or other transaction costs, for the first 15 years of ownership.
Owning more of your home can benefit you financially and give peace of mind. Key benefits are:
It’s up to you to decide when the time is right, but here are some pointers:
A financial adviser can talk you through your options.
These steps will help you decide: