Shared ownership rent
If you live in a shared ownership home you can find out more about how your rent is calculated below.
Where does my rent go?
Your rent covers the costs of repaying money we have borrowed to buy or build your home, salaries, investment for future homes and providing services.
How do we calculate shared ownership rents?
Rent for shared ownership properties is calculated based on a formula which you will find in your lease.
The exact formula can vary depending on the specific details of your lease, so please refer to your own lease document for further information.
Increases to shared ownership rents are usually based on a combination of the Retail Price Index (RPI) and a percentage detailed in your lease. Please see your lease for further details.
When do we calculate shared ownership rents?
Depending on your lease, your rent is typically reviewed either on 1 April or 1 October. Some leases provide a rent review every two years. Please see your lease for further details.
How much notice will we give you of any rent changes?
We will give you at least one months’ notice of any change to your rent.
What if I don't agree with the rent charge?
Talk to us - we will need to understand why you don’t agree with your new rent charges in case there has been an error.
If we can’t reach an agreement, we would recommend talking to the Citizens Advice or an independent solicitor. You will need to provide them with a copy of your lease.
Will I need to change my direct debit?
No. If you pay your rent by direct debit, we will arrange for the amount to be changed accordingly.
I'm struggling to pay my rent
Paying your rent is one of the most important payments you will need to make whilst you’re living in your home.
If you ever fall behind with your rent, don’t shy away. It’s important that you tell us first. We’re not here to hound you for money you may owe; we’re here to help you find a solution to get you back on track. If you're struggling to pay your rent, contact your neighbourhood coach straight away.
Once we’ve discussed your finances, we will make an arrangement on how much you can pay towards your rent and to help clear the arrears you have. Think of it as an action plan. We may arrange for one of our money advisors to talk to you – particularly if you are finding it hard to cope financially or have multiple debts.
You can also get advice from different external agencies, such as Citizens Advice, Turn2Us or the Money Advice Service.