Shared Ownership

Shared Ownership housing is aimed mainly at people who cannot afford to buy a house outright on the housing market, but are still keen and financially able to make a start on the home ownership ladder and invest some of their money in their property. The scheme is a cross between renting and owning a house, where the occupier applicant purchases a share of the property (typically 25% or 50%) in the ownership of the property but pays a reduced rent on the remainder to the Association.

The initial purchase may be 25, 50 or 75% of the value of the property, with rent being charged on the remaining. After the first year the applicant can increase the portion owned in 25% shares (known as tranches) up to and including 100%, which means that they then become the sole owners of the houses.

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