Our guide to Shared Ownership

Shared ownership is an affordable way to buy a house you want to live in, in an area you want to live.  

It allows you to secure a share on a new home with a much lower deposit than on a standard property purchase. Then you part buy with a mortgage and pay rent on the part you don’t own. 

You can even buy more shares as you go along if you like – until you’re a 100% homeowner.

Sounds simple?

It is…  

But before you decide if shared ownership is the right option for you, here’s a guide to everything you need to know about this great opportunity.  

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What kind of deposit do I need?

The deposit amount you’ll pay will depend on the type of property and the share percentage you buy. For our one and two bedroom apartments in Manchester and Cheshire, deposits start at as low as £2,800.

What percentage share do I have to buy?

The share you buy will depend on affordability and your personal circumstances, but generally you’ll buy between 25% and 75% of the full property price. We can help you to assess the right percentage for your budget after you register your interest.

Can I buy more shares and reduce my rent?

Yes, with most Shared Ownership homes you can buy more shares when you’re ready, therefore reducing your rent and working your way to full ownership. It’s called Staircasing, and you can learn more about it here.

Is part rent, part buy really worth it?

With Shared Ownership, you pay a lower mortgage, lower deposit – and usually a lower cost overall than renting privately, like-for-like. Plus, you have the same responsibilities and gain the same benefits as any homeowner. 

Will my Shared Ownership rent increase?

Before you sign on the dotted line, you’ll be provided with a lease document which will outline your rights and responsibilities, what you can expect from us and how often your rent/service charge will be reviewed.

Is Shared Ownership only for first time buyers?

Usually yes, but we think part rent, part buy should be accessible to those who need it – so get in touch if you’re moving due to not needing a home as big as the one you're in now, you've had a recent a relationship breakdown, you're relocating to the Northwest or you’ve outgrown your current Shared Ownership home. 

How do I buy a Shared Ownership home?

It all starts with an eligibility and affordability assessment – but don’t worry, it’s a straightforward process and we’re always on hand to help.

You can learn how buying a Shared Ownership home works here. 

What if I want to sell in the future?

No problem at all. You’re not committed forever, and you can choose to sell up and move on anytime you like. The process is a little different to selling a property you own outright – here’s how it works.

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