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Which? home >
Money >
Mortgages & property >
First-time buyer mortgages >
Shared ownership

First-time buyer mortgages Shared ownership

With shared ownership, the rent you pay can be up to 3% of the association's share of the property.

Shared ownership is similar to shared equity schemes except that you buy a share of your property and pay the rest on the remaining share. The mortgage will pay between 25% and 75% of the value of the property and the rest is paid for in rent to the housing association which owns the property.

What are the pros and cons of shared ownership schemes?

We have rounded up the benefits and pitfalls of shared ownership. If you want to learn more, read our full guide on shared ownership schemes.

Pros

It can help you to get a step onto the property ladder
You can buy additional shares until you own your property outright
May be cheaper than renting
You can sell your property at any time and will benefit from any increase in value since you purchased your home

Cons

There may not be properties in your preferred location
You may be charged valuation fees if you buy additional shares
You have to pay a service charge. This charge could also apply even if you own your property outright
There is a risk of the property decreasing in value

How do I apply for a shared ownership scheme?

The government's New Build shared ownership scheme offers new homes as part buy/part rent. There are a variety of percentage shares in a property available from between 25% and 75% with a subsidised rent paid on the remaining percentage. You will need a mortgage to buy your percentage of the property.

Shared ownership explained - find our more in our in-depth guide

Need mortgage advice?

We believe you should seek independent mortgage advice before taking out a mortgage. The Which? Group offers an independent mortgage advice service, Which? Mortgage Advisers, that looks at every mortgage from every available lender. You can also find an independent mortgage adviser using Unbiased.co.uk.