What is Shared Ownership and what are the benefits?

Shared Ownership could be a great way to get on the property ladder . It gives first-time buyers and those that do not currently own a home the opportunity to purchase a share in a home.

Is Shared Ownership right for you?

If your household income is less than £80,000 and you wouldn't otherwise be able to buy outright, then Shared Ownership could be the perfect solution for you.

How does Shared Ownership work?

This scheme allows you to purchase a share of your home and rent the remainder from us. That means you only need a deposit and mortgage for the portion that you own - typically 40%, but it could be as low as 25%. The deposit amount will be lower than what would be required if buying your home outright, which can start from 5% of the price of the share. With Shared Ownership you can take your first steps onto the property ladder with less hassle and fewer costs.

Can you own 100% of your home?

As a Shared Owner you may be able to buy more shares in your home depending on the terms of your lease. This is called staircasing and enables you to increase your share in your home. You can purchase additional shares in one go or over time, but the price you pay will always be based on the current market value of your home.

Am I restricted on the mortgages I can get and will I be eligible?

We would recommend that you consult with an Independent Financial Advisor (IFA) when checking out mortgage options for Shared Ownership. An IFA will have the most up-to-date information about what lenders are offering and can help find the best mortgage deal for whatever your circumstances may be. Unlike going direct to a bank, an IFA has access to the whole market and in some cases have access to rates not available on the high street.

At Bromford we have teamed up with Mortgage Advice Bureau and The Mortgage People to offer you expert advice.

Like with all mortgages, there are some eligibility requirements that must be met. The general ones for Shared Ownership are below:

you must be at least 18 years old
your annual household income must be less than £80,000
you cannot own another home – if you do currently own a home you must be in the process of selling it
you should not be able to afford to buy a home suitable for your needs on the open market
you must be able to afford the regular payments and costs involved in buying a home

Shared Ownership developments will also have a local area connection for applicants. The local area connection can vary between our developments but generally it is based on you having been a resident, or employed within, the area for a number of years, usually between two and five, or have family connections, for example, parent, grandparent, child, grandchild or adult sibling, who have lived in the area for at least three years. The local area connection is put in place by the local council and not Bromford.

Looking for a Shared Ownership home with Bromford?

We know that families come in all shapes and sizes and we have a wide selection of homes available to meet your needs. Our homes are available in the following areas:

You can search for all our available Shared Ownership homes in your region by clicking the relevant area from the list above. Alternatively, you can contact us at 0800 085 2499 or email sales@bromford.co.uk.

Find out more about Shared Ownership and a step-by-step process to buying a home.

Shared ownership