Shared ownership explained

Shared ownership is an affordable way of getting on the property ladder, when buying a home outright is too far out of reach. You buy a share, typically between 25 -75% and usually with a mortgage, then pay a reduced rent on the rest. The option to buy further shares can also mean at a later date owning the full 100%.

Why buy using shared ownership?

  • Your monthly costs could be lower than privately renting
  • You own part of the home meaning your share may go up in value if house prices increase.
  • Your deposit will be lower than if you were buying a home outright as it’s based on the share you’re buying
  • You buy a share that’s affordable to you, so you’re not at risk of stretching yourself financially
  • You might be able to buy up to 100% of your home after your initial purchase – just check before you buy
  • Shared ownership is a government-backed scheme that’s helped thousands of people buy their first home
  • Who can buy with shared ownership?

    Shared ownership is an option for lots of people — probably more than you think. A smaller deposit makes it easier for first-time buyers to get on the ladder, and it's an easier way for separated couples to buy again with their individual share of joint assets.

    Shared ownership is also a good option for retirees, or those who want to free up equity without losing the security of owning a home.

    Generally speaking:

    • Your household income needs to be under £80k (under £90k in London).
    • You can't be the owner of another property.
    • You'll need to show you have a good credit history, and can afford the regular payments and costs involved in buying a home.
    • You should have savings, or be able to put down at least 5-10% deposit on the share of the property you're buying.
  • Will I be sharing with other people?

    No. Contrary to its confusing name, you're not sharing the house with other flatmates or buying it with someone you don't know.

    Shared ownership means you own a share of the property, and a housing association owns the remaining share.

    If you want to buy with a partner, friend, or sibling, that's totally fine. But your total combined income when you submit your application must be below £80,000 per year.

  • Part mortgage / part rent. How does that work?

    Shared ownership is part buy, part rent. This means you will have a mortgage on the share you own, and pay rent on the remaining share. For instance, if you buy a 25% share of the property, you'll pay a mortgage on the 25% share, and rent on the remaining 75% share. Usually, you can also carry on buying shares, to own it 100%.

    You'll have a lease, which is essentially the contract for the share you've bought. It means you've got the right to keep your home for a certain number of years (usually at least 125), but the land belongs to someone else. Your lease also sets out how much you need to pay each month, your responsibilities while living there and all the details of your agreement with the housing association. Make sure you go through it and ask lots of questions. Your solicitor can help you with this.

  • What sort of properties are available through shared ownership?

    Shared ownership properties tend to be either new-builds offered by housing associations, or resales of existing shared ownership properties. There are a range of new properties available, which usually means fewer future repairs, and the chance to move in straight away without having to replace any ancient boilers.

  • Is this a government-backed scheme?

    The Government supports shared ownership, and funds lots of shared ownership homes. Otherwise, shared ownership properties are paid for directly by housing associations (this is most common), private investors, or some councils.

How to apply

To look for a shared ownership home, visit our 'Search for a home' page where all our available homes are listed.

You'll need to complete our shared ownership application form to begin with. Our home ownership team will support you throughout the whole process; from completing the form to getting your keys on moving-in day. 

Search for a home

Hear from Aran, our Home Ownership Assistant:

Why buy with West Kent?

West Kent went above and beyond with us and were very patient with us being first time buyers and knowing very little about the process. Emily always replied to emails within a reasonable amount of time and had an answer to our questions. We didn’t have the best time with other aspects of the process and Emily kept us grounded, I don’t think we would have made it through without her."