Shared Ownership Scheme
A Shared ownership property is essentially a combination of buying and renting. You will own a share of the property and pay rent to a Housing Association on the part you don’t own.
To qualify for Shared ownership the combined salary or other earnings of both you and your spouse or partner must not be more than £80,000 a year or £90,000 a year if you live in London. In addition, any of the following must apply:
- You are a first-time buyer
- You used to own a home, but cannot afford to buy one now; or
- You already own a Shared ownership property
- Council Tax
- Gas, Electricity, Water & phone bills
- Repair & maintenance costs for both the inside & outside of the property
- Buildings & contents insurance
- In some cases, a contribution to maintenance of shared areas