How does Shared Ownership work?

If you’re trying to understand how Shared Ownership works, our quick-fire guide is here to help.

Our Shared Ownership homes in Manchester and Cheshire give you the same rights as a regular homeowner, but instead of a full mortgage and high deposit, you part rent, part buy.  

We’re here to help you throughout the journey and beyond... but here are all the essential facts you need to see if it could be the right option for you.

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The Story of Shared Ownership

Imagine a new property as a pie. The full market value is £450,000. And for most, particularly first-time buyers, that's an unaffordable pie. But what if you just buy the pie by the slide, say one quarter? Watch our Story of Shared Ownership to find out more.

Part rent, part buy, all yours.

It’s not always possible to save up for a deposit to buy your own home, but renting means you’ll see no return on all that money you’ve invested over the years. With the unique way that Shared Ownership works, you’ll be able to part rent and part buy a home where you'll want to live.

You can secure a mortgage on the percentage you’re buying, pay market value rent on the remaining share to us, and live in it like a true homeowner. 

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Your pinch me moment

Ready for your pinch me moment? With Shared Ownership, you can step into the property market with ease, as our homes offer unbeatable value that might leave you feeling like you have to pinch yourself to believe it. We understand that finding the perfect home at the right price can be a challenge, but Gecko Homes is here to make it simple for you.

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. Through our Shared Ownership scheme in Manchester and Cheshire, deposits start from only 5% of the share value you buy.

So if the full value of the home was £200,000 and you could buy a 50% share of £100,000, then you could pay a deposit of only £5,000 to buy your home.

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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 (some homes can be bought with shares as low as 10% too). We can help you to assess the right percentage for your budget after you register your interest.

It's also worth reading our guide to Shared Ownership, as well as our Key Information Document to understand all about this way to buy.

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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.

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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. 

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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.

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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. 

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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. 

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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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