Keys to house

What is shared ownership?

Shared ownership - where you part buy and part rent your home - can be a fantastic way to get your foot on the property ladder if you can't afford to buy a home on the open market.

You can usually buy between 25% and 75% of the property, with the option to buy more shares at a later time.

Part buy

When you purchase through shared ownership, you only need a mortgage for the share you  are purchasing. This means the amount of money required for a deposit is usually a lot lower than if you purchase outright.

Each month you will make repayments on your mortgage.  The amount you will pay towards your mortgage will depend  on the value of the share you purchase, the deposit you put down, the remaining length of your mortgage term and the interest rate.

Part rent

You pay a mortgage on the share you own, and pay rent to a housing association on the remaining. The rent is set by the housing association and is calculated as a percentage of the unsold value of the property.

The amount of rent will vary for each home depending on the share you buy and the value of the property when you buy it. You will be given this information with your viewing details.

Am I eligible?

To be eligible for shared ownership, you must: 

  • Earn less than £80,000 annual household income 
  • Have a deposit and funds ready for your mortgage and moving costs
  • Be unable to afford to purchase a similar property that suits your needs on the open market
  • Be an existing shared owner looking to move
  • Not currently own or have interest in another property
  • Be registered with Help to Buy South and qualify for shared ownership

Ask us about shared ownership, simply call us 0117 942 4600 or email sales@brighterplaces.co.uk.

Getting ready to buy through shared ownership

Step 1: Register to buy with Help to Buy South

Go to Help to Buy South to register. If you have already done this, please email your Help to Buy reference number to the Brighter Places sales team at sales@brighterplaces.co.uk so we can log your interest. You can call us on 0117 942 4600

Step 2: Check your local area connection

Most shared ownership property listings will say that a local connection to the area is needed. This is because the homes for sale in these areas have been built specifically to help meet the needs of local people who can’t afford to get on the housing ladder any other way.

The local area connection criteria varies between sites, but generally it’s based on:

  • Being a resident of (or employed within) the area for a number of years (usually between 2 and 5)
  • Family connections (for example, parent, grandparent, child, grandchild or adult sibling) who have lived in the area for at least three years.

To find the local area connection, go to the web page for the site you’re interested in and click on the link.

Step 3: What’s affordable for you?

As part of the application process you are required to carry out an affordability assessment and provide documents to support the application. 

To give you an example of the market costs to buy through shared ownership, check out Help to Buy’s affordability calculator.

Step 4: Get in touch with us

We will talk you through the next steps to have an affordability assessment and all the documents you will need for your application.  Email us sales@brighterplaces.co.uk or give us a call on 0117 942 4600

Once approved, and once you know how much you can afford, you will be ready to search and put in an offer on a shared ownership home.  

Step 5: Once you’ve found your shared ownership home

If your offer is successful, a member of our sales team will get in touch with you to confirm your choice of solicitor and mortgage broker. We will then issue your notification of sale to all parties in order to formally instruct your sale.