Shared ownership is an affordable home ownership scheme which could make it easier for you to get on the property ladder.
You buy a share in a home on a long lease from a housing association - initially between 25% and 75% - and make monthly mortgage payments on this share. This means you take a smaller mortgage, so the deposit required is lower.
You rent the rest of your home from the housing association and will usually pay below market rent. You also have the option to increase your share over time, at a price based on the value of the property at the time - so if property prices rise, you'll pay more for your share, if they fall, you'll pay less. In many cases you can increase your share up to the point where you own 100% of your home; this is known as staircasing.
If you own a share of your home through the shared ownership scheme and decide to sell your home, the housing association will have the right to buy it first. They also have the right to find a buyer for your home. If you own 100% of your home, you can sell it yourself.
To buy a home through a shared ownership scheme, you’ll need to contact the Help to Buy agent in your area. Take a look at the government site for further information, including eligibility criteria, whether the scheme is available in your area and details of agents in each area.