Shared Ownership

Getting on the first rung of the homeownership ladder is not always easy. It can be incredibly hard if you are on a lower income or on your own with just a single income and not much of a deposit saved.

The Shared Ownership scheme is a game-changer for many people wanting to buy a home. But what does Shared Ownership mean, and is it the right option for you?

What is Shared Ownership, and how does it work?

It is a government-backed scheme that allows people to ‘share’ their home ownership with another party, usually the developer. Most of the homes in the Shared Ownership scheme are newly built, although some housing associations sell older properties as part of the scheme.

Shared Ownership allows you to take out a mortgage to purchase a share of the property – between 25% and 75%. If you can only afford 25% initially, that’s ok. The scheme will give you options to buy a greater share later. This is also known as stair-casing.

Our highly skilled shared ownership mortgage advisor can access various suitable mortgages, depending on your circumstances. However, one important point is that shared ownership homes in England are only on a leasehold basis.

Am I eligible for Shared Ownership?

Let’s assess whether a Shared Ownership home is the right option for you. The eligibility criteria varies depending on where you want to live, and you don’t have to be a key worker either (military personnel are given application priority). So, do you meet the criteria?

  • Are you a first-time buyer, or have you owned a home previously but can’t afford to now?
  • Is your combined household income (or sole income) less than £80,000 or £90,000 if you live in London?
  • Do you currently rent a housing association or council property?


If you meet the criteria, definitely read on!

How to apply for a Shared Ownership home?

First and foremost, find out if the scheme is available in your area by contacting your local housing association or council. Also, check to see if their criteria are different and, if so, whether you can still apply.


Speak to a Dimora Shared Ownership mortgage advisor who will search to see if a mortgage deal is available that suits you and your circumstances (not all lenders offer Shared Ownership mortgages). As with any home-buying process, you will need a mortgage for your share of the house, and you will need to be able to put down a deposit.

Work out all the costs involved with home ownership, such as mortgage fees, moving costs, stamp duty, insurance, service and/or maintenance charges, and bills and repairs.

If you meet the criteria and the costs of home ownership, our Shared Ownership advisor is on hand to help you every step of the way.

Your home may be repossessed if you do not keep up repayments on your mortgage.


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