What is Shared Ownership?
Have you thought about buying your own home but can’t really afford it?
Have you heard about Shared Ownership? This might enable you to purchase a home you wouldn’t have been able to afford otherwise?
Otherwise known as part-rent, part-buy the ‘Shared Ownership’ scheme is suitable for anyone who can’t afford a mortgage on 100% of their home.
Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home's value) and pay rent on the remaining share. This means the rent you pay will be considerably lower than the market rate. Please note you will be responsible for your own repairs and maintenance.
We typically sell a 50% share but will sell a lower or higher share depending on individual circumstances.
Shared Ownership is leasehold and the lease is normally for 125 years. If you purchase 100% of your house, you will acquire the freehold of the property. Flats remain as leasehold when purchased.
It’s really important to create a budget planner if you’re thinking about buying. This should include your mortgage payments, rental costs on the share of the home you don’t own, the service charge, as well as any other regular monthly outgoings.
We have a friendly team at Cornerstone who will guide you through the process.
First time buyer / you used to own a home, but cannot afford to buy one now:
- You must have an income of less than £80,000 per year (this applies to joint incomes as well)
- You must have a good credit history and be able to demonstrate you’re able to afford the costs associated with a Shared Ownership home.
- You will need a deposit for your mortgage of around 10%
If you own a home or you’re an existing shared owner and want to move you may qualify if you meet the above criteria plus:
You have:
- A formally accepted an offer for the sale of your current home (called ‘sold subject to contract’ or ‘STC’)
- a memorandum of sale
You must have completed the sale of your home on or before the date you complete your shared ownership purchase.
How do I apply
Visit our properties coming soon page. If properties are open for applications complete the local area questionnaire for the selected property. If the property is not ready for application yet, sign up for notifications of when the local area connections form will become available.
Shared Owner Testimonial
“Choosing to purchase a house using the shared ownership scheme has allowed me to take my first steps on to the property ladder and purchase a property I wouldn’t have been able to afford had I have been buying outright. From start to finish the process with Cornerstone ran smoothly, there was always somebody from the team to guide me through the journey and answer any questions I had as a first time buyer. The house has been finished to a very high standard and I have not experienced any problems since moving in. I would definitely recommend the shared ownership scheme to anybody looking to take their first steps on to the market and could not recommend Cornerstone highly enough to help you through the process.”
Mr Bradshaw
“We are loving the home so much and enjoying our own space. Thankyou for considering us for this house, we are so happy, it has made a massive difference to our lives.”
Mrs Southcott
