Shared Ownership can help eligible buyers purchase a share of a home while paying rent on the remaining share. RMJ Mortgages can explain the mortgage requirements and ongoing costs.
What is Shared Ownership?
In England, eligible buyers can typically purchase an initial share of 10% to 75%, depending on the home and scheme rules. Rent is paid to the housing provider on the remaining share. A mortgage is usually needed to fund the purchased share.
Who is Eligible?
In England, the usual household income limit is £80,000, or £90,000 in London, alongside other eligibility requirements. Rules differ across the UK and by property.
How Much Deposit Will You Need?
The deposit is generally based on the share purchased. For a £250,000 property, a 40% share costs £100,000; a 5% deposit on that share would be £5,000. Rent, service charges and other costs must also be considered.
What is Staircasing?
Staircasing means purchasing additional shares over time, subject to lease and scheme rules. Valuation, legal and administration costs may apply, and not all homes allow 100% ownership.
How We Can Help
We can explain Shared Ownership mortgage affordability, deposit requirements and lender criteria. Contact RMJ Mortgages to discuss your options.
Important Information
Your home may be repossessed if you do not keep up repayments on your mortgage.
Shared Ownership homes are generally leasehold and may involve rent, service charges and maintenance costs.
