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New Coastline Housing homes

How shared ownership works

Shared ownership is designed to help more people onto the housing ladder.


The idea is that you buy a share that you can afford in the property, and pay a subsidised rent on the share of the property which you do not own. These costs should be lower than the cost of getting a mortgage on the whole property.


This type of purchase allows flexibility because, if you want to, you can buy further shares in the property as and when you can afford them. In most cases you could own the property outright if you chose to.


Who is eligible

The scheme is designed to assist people who need help affording a home that is suitable to their needs.


To buy, you need to:

  • Be unable to afford to buy a home on the open market
  • Be able to afford the share you want to buy without overstretching yourself financially
  • Have a household income of less than £80,000 per year
  • Have enough savings to cover a deposit for the mortgage, usually 5% or more of the purchase price, and enough savings to cover the associated cost of buying your home (solicitors fee, mortgage agreement fee, etc) - you should budget for approximately £2,500 - these costs cannot be added to your mortgage as you cannot secure borrowing against our share of the property

You should also bear in mind that:

  • There may be a planning requirement to demonstrate your local connections to a specific area - this is not necessarily the case for all schemes
  • You do not have to be a first time buyer but you cannot buy a shared ownership home as a second home or as an investment - if you own a home already, you will have to complete the sale of it before you can complete your purchase

If you would like to find out more, please call us on 01209 200230 and ask to speak to the Home Ownership team or email us.


To ensure that you are eligible for Shared Ownership, you will also need to register with Help to Buy Southwest.


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