About Shared Ownership
A Guide to Shared Ownership
Shared Ownership is a part buy/part rent scheme, where you buy a share in the property and pay rent on the share you don’t own. It is designed as a stepping stone for first time buyers looking to completely own their own home.
Am I Eligible?
Eligibility for Shared Ownership will vary depending on which development you are looking at purchasing, the property size and whether there are any criteria imposed by the local authority. But there are some general, over-arching criteria that you must meet for every scheme.
A Guide to Resales
A resale property is a home that the current owner bought through Shared Ownership and now wishes to sell on. You must buy at least the share the current seller owns, but with resales, there are no restrictions on where you live or work, which makes moving to a new area much easier.
Shared Ownership Staircasing
You’ve found your new home, bought it and moved in. As a leaseholder of a Shared Ownership property bought either new, as a resale or via Social HomeBuy, you can buy further shares in your property. This process is known as “staircasing”, enabling you to own a greater proportion of your home.
Selling your Shared Ownership home
Selling a Shared Ownership (New Build Homebuy) home is known as a resale. You can sell your home at any time. If you own 100% of your property you can advertise on the open market via an Estate Agent.
One of the key aspects of being a Leaseholder is that you will be required to pay a service charge. This is a sum of money collected monthly which covers your share of the cost of maintaining the communal area of the development and administer the contracts, buildings insurance and major work.
The Financial Assessment and Mortgage Advisors
The final check we need to make is to ensure that you can afford a Shared Ownership property, you are not over stretching yourself financially and that you are able to qualify for a mortgage. To do this, we ask that you arrange a meeting with a Mortgage Advisor who will carry out a financial assessment.
To find out if you fit the affordability criteria and to see how much a mortgage might cost based on today's product rates you can use a handy, online mortgage calculator at Share to Buy.
Already a Family Mosaic Tenant?
If you will be giving up an assured or secure tenancy with Family Mosaic, we consider you a priority for affordable home ownership. You can apply for any of the Shared Ownership or resale properties advertised on this website.