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Securing your Shared Ownership mortgage

Shared ownership mortgages – formerly known as part buy/part rent – are mortgages provided via a government backed scheme that aids people who are struggling with affordability when it comes to buying a home. Whether you’re a first time buyer or a home mover struggling to make ends meet for your next mortgage, you could be entitled to participate in this scheme. In an attempt to reduce mortgage payments, you’ll be able to make a purchase of between 25% and 75% of the property value, whilst paying a rent contribution to the housing association that purchases the remainder of the property.

Our advice on Shared Ownership

Staircasing Oppurtunities

Once you have signed into your Shared Ownership mortgage, you may (depending on your lease terms) have the option to buy further shares in the property, usually known as Staircasing. You can ‘staircase’ up to three times, and once you own 100% of your property, you will no longer have to pay rent.

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Your Eligibility

In order to qualify, you must be over 18 years old, and be earning below the maximum annual household income of £80,000. As a first time buyer, you are eligible for a Shared Ownership mortgage, however if you are not, you will need to show specific reason as to why you need to utilise the scheme.

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Lending with big names

If a shared ownership mortgage sounds like the right deal for you, our whole of market access can provide you with everything you need to secure your deal and get your move underway.

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Questions about Shared Ownership

The Shared Ownership process is never straight forward, so don’t worry if you still have some questions to ask. Take a look at our handy FAQs and, if you can’t find what you’re looking for, give us a call today.

It’s important to note that maintenance and repairs are usually the responsibility of the Share Owner (i.e. you), but you will find all of your rights and responsibilities within your Shared Ownership lease.

There are two different ways to pay your Stamp Duty fees on a Shared Ownership mortgage- the first being a one-off payment for the full market value of the property at the beginning of the purchase. However, the most popular – and normally the most cost-effective – way is to pay a lower Stamp Duty charge at the beginning, based on what percentage of the property you have purchased, and then pay again later once you have invested into at least 80% of the property value. If you’re not sure how this could apply to you, give us a call today and see how we can help.

Get your Shared Ownership mortgage

Speak to one of our advisers today and see how we can help you with a stress-free mortgage.

Call us now on

01702 746811