Our site uses cookies

I agree Our site saves small pieces of text information, called “cookies” on your device. Find out more in our cookie policy. You can disable the usage of cookies by changing the settings of your browser. By continuing to browse the site you are agreeing to our use of cookies.

Can Shared Ownership really help me onto the property ladder?

“I’m looking to take the plunge and move out of my parents’ house. However, I’ll be doing it on my own which means my deposit will be much smaller, and I don’t want to rent. I’ve heard Shared Ownership is a good stepping stone, but I find the idea of owning and renting confusing. Can you help?” - Rachel from Abingdon

Shared Ownership has been helping house-hunters for several years. In fact, it’s the industry’s forgotten knight in shining armour when it comes to providing high-quality affordable housing in desirable locations across the UK. However, it’s not surprising you’re looking for clarity about the scheme, and you’re not alone. A recent survey undertaken by YouGov on behalf of Aster Group discovered that four in 10 people do not understand the benefits of Shared Ownership.  

Is Shared Ownership for me?

To help determine if Shared Ownership is the right route for you, we have busted four of the most common misconceptions surrounding the Government backed, part buy/part rent scheme:

Shared Ownership is home ownership – not social housing

Shared Ownership makes it possible to buy a property which otherwise would not have been affordable. The scheme allows purchasers to buy a share in a property and pay rent on the share they don’t own – normally you can purchase between 25% - 75% of the full purchase price. It is designed as a stepping stone for buyers to own their own home, allowing them to buy further shares in their property over time (which is called staircasing). 

Paying a mortgage and rent is affordable

The scheme is designed to keep both the initial and ongoing costs of home ownership manageable. For example, the monthly costs usually work out less than if you had purchased the home outright and at times, if you are privately renting. With Shared Ownership, you only require a mortgage deposit on the share you are purchasing, not the full value of the property. When (and if) you purchase further shares through staircasing, your rent will reduce accordingly. 

Homes are of high-quality and in highly desirable locations

A mistaken public perception is that Shared Ownership homes may be badly maintained, poor quality and in less desirable areas. This is far from the truth. Properties available through the scheme can be found in sought-after areas, usually within high quality developments with a range of house sizes. The quality and specification the houses provided by the development’s housebuilder will be the same, regardless of how they will be purchased. In fact, many Shared Ownership homes are new-builds. 

You can make it your own because it is YOUR home

Whether you want a library, a lime green lounge or art-deco wallpaper, Shared Ownership will give you the freedom to decorate how you like. The property is yours after all! Just don’t knock down any walls without permission first. 

Good luck!

If like Rachel, you would like to talk about how Shared Ownership might be the right fit for you, please contact us and arrange an appointment. We provide a tailored and individual service, and our qualified mortgage advisers are available for Saturday appointments.


Luke Pummell Direct Sales Manager

Luke is responsible for the direct customer sales through our branch network and online services.

Related articles
Register or amend your preferences for your choice of email alerts

Keep up to date with our latest news, product and event details

You can check the Financial Services register on the FCA's website.


How can we help you?

01635 555700

Call me back