Buying a low-cost home

Shared ownership

With a shared-ownership scheme, you buy part of your home and rent the rest. The share of your home that you have to buy will depend on the scheme, but typically, you will have to buy at least 25 per cent of your home. 

At the time you buy, you will also pay a rent which is based on the value of the rest of your home. 

Qualifying for shared-ownership schemes 

To qualify for a shared-ownership scheme you will need to: 

  • Have the deposit  
  • Be able to pay the legal fees for buying a property. 

You will also have to meet other criteria which are set by the scheme. 

Buying the rest of your home 

When you can afford to, you can increase the share you own. This is known as staircasing. The cost of this extra share will be based on the current value of your home – not the value of your home at the time you joined the scheme. 

Buying an extra share will cut your rent. You can staircase to the point where you own all your home and no longer pay rent. 

Find a shared-ownership home 

You are most likely to find a shared-ownership home through a local housing association. You can apply for shared-ownership housing through Homematch