Question 1

What is shared ownership?

Accepted Answer

Shared ownership is a government-backed scheme that allows you to buy a share of a property (typically between 25% and 75%) and pay rent on the remaining share to a housing association. Over time, you can buy additional shares, known as staircasing, to increase your ownership, potentially up to 100%. It is designed to make homeownership more accessible for buyers who cannot afford to purchase a property outright.

Question 2

How much deposit do I need for shared ownership?

Accepted Answer

Your deposit is calculated against the share you are buying, not the full property value. Most lenders ask for 5% to 10% of YOUR SHARE. For example, on a 40% share of a £250,000 property (a £100,000 share), a 5% deposit is just £5,000. Skipton Building Society also offers a Shared Ownership Track Record mortgage (product code ST028) at 100% LTV, currently priced at 5.69% (last checked 23 June 2026), which lets eligible renters buy a shared ownership home with no deposit at all. Rates can change at any time, so confirm the current rate with the lender or your adviser before relying on it.

Question 3

Who is eligible for shared ownership?

Accepted Answer

You must be at least 18 years old and have a household income below £80,000 outside London or below £90,000 inside London. You should be a first-time buyer, a previous homeowner who can no longer afford to buy on the open market, or an existing shared owner looking to move. If you currently own a home, you must sell it before completing on a shared ownership purchase.

Question 4

What is staircasing and how does it work?

Accepted Answer

Staircasing is the process of buying additional shares in your shared ownership home over time. You can usually buy shares in increments of 10% or more, and newer leases sometimes allow 1% increments in the first 15 years. Each time you staircase, the price is based on a fresh valuation of the property. As your share grows, the rent you pay on the unsold portion goes down. Once you reach 100%, you stop paying rent altogether.

Question 5

Can I sell a shared ownership property?

Accepted Answer

Yes. If you have not staircased to 100%, the housing association usually has a nomination period (typically 8 weeks) to find a buyer for your share. If they cannot find a buyer in that window, you can market the property on the open market. If you have already staircased to 100%, you can sell freely just like any other homeowner.

Question 6

What service charges, ground rent and other costs should I budget for?

Accepted Answer

Beyond your mortgage and rent on the unsold share, you should budget for service charges (covering communal areas, building insurance and external maintenance), ground rent on most leasehold properties, buildings insurance where not included, and the cost of interior repairs and maintenance. Service charges are reviewed annually and can rise, so always ask the housing association for the current schedule and recent history before you commit.

Question 7

Can I make alterations or renovations to a shared ownership home?

Accepted Answer

Cosmetic changes such as decorating are usually allowed without permission. Larger renovations, structural alterations or anything that affects the fabric of the building normally require written consent from the housing association. Improvements that increase the property value can also push up the cost of staircasing later, because the next share you buy will be priced against the new valuation. Always check your lease and speak to the housing association before starting work.

Question 8

What happens if I fall behind on my mortgage or rent payments?

Accepted Answer

Contact your lender and your housing association as soon as you anticipate a problem. Both are obliged under FCA and government rules to treat customers in financial difficulty fairly, and they can often agree temporary payment plans, term extensions, or in some cases mortgage forbearance. Ignoring the issue risks arrears, damage to your credit file and ultimately repossession or forfeiture of your lease, so early communication is critical.

Question 9

Can I buy a shared ownership home jointly with someone else?

Accepted Answer

Yes. Most shared ownership purchases allow up to four joint applicants, such as a partner, friend or family member. Lenders assess all applicants' incomes and credit histories together, which often allows you to afford a larger share than buying alone. Joint Borrower Sole Proprietor structures can also be considered with some lenders if a parent or family member is helping with affordability but does not want to be on the title deeds.

Question 10

Can I get a shared ownership mortgage with bad credit?

Accepted Answer

It is possible, but more challenging. Some specialist lenders accept missed payments, defaults or historic CCJs for shared ownership, although they may charge higher rates or ask for a larger deposit on your share. Pulling your free credit report first, settling any open defaults, and waiting until adverse events are older than 24 months will all materially improve your options. We can match your profile to the right shared ownership lender.

Question 11

Can I remortgage a shared ownership property?

Accepted Answer

Yes. You can remortgage to switch to a better rate, reduce monthly payments, or raise capital to staircase and buy more shares. The process is similar to a standard remortgage, but the new lender must be on the housing association's panel and accept shared ownership leases. We have access to the full panel of shared ownership remortgage lenders, including those who allow simultaneous staircasing.

Question 12

What about leasehold and lease extensions on shared ownership?

Accepted Answer

Almost all shared ownership properties are leasehold, with typical leases of 99, 125 or 990 years from new. Most lenders want at least 70 to 85 years remaining at the end of the mortgage term. If your lease drops below 80 years, the cost of extending increases sharply due to marriage value. Extend proactively while your lease is still long to protect both your resale value and your ability to remortgage.

Question 13

Is shared ownership available for older buyers?

Accepted Answer

Yes. Standard shared ownership has no upper age limit, subject to lender criteria around mortgage term and retirement income. There is also a dedicated Older People's Shared Ownership (OPSO) scheme for buyers aged 55 and over, which caps the maximum share at 75% but means you never pay rent on the remaining 25%. This can be a tax-efficient way to right-size in later life on a fixed income.

Question 14

Do armed forces personnel get priority for shared ownership?

Accepted Answer

Yes. Serving members of the British armed forces, and in many schemes recent veterans and bereaved spouses of service personnel, receive priority on shared ownership allocations alongside Ministry of Defence support such as the Forces Help to Buy advance. This reflects the relocation pressures and short notice postings that affect service families. Individual housing associations set their own priority bands, so confirm policy on each scheme.

Question 15

How does shared ownership differ from Help to Buy, First Homes and rent-to-buy?

Accepted Answer

Help to Buy provided a government equity loan on new builds and is now closed to new applicants in England. First Homes offers a discount of 30% to 50% off the open market price of designated new-build properties for eligible first-time buyers. Rent-to-buy is a discounted market rent product with a save-and-buy option later. Shared ownership is the most widely available and longest-established route, and uniquely lets you build equity from day one on a part-buy, part-rent basis with the option to staircase to full ownership.

Question 16

Is there a 100% LTV mortgage option for shared ownership?

Accepted Answer

Yes. Skipton Building Society's Shared Ownership Track Record mortgage (product code ST028) lends up to 100% of the share value, currently at 5.69%. To qualify you need 12 months of evidenced on-time rental payments in the last 18 months, a clean recent credit history, and the share value must fall within Skipton's loan size limits. This is the only true no-deposit option for shared ownership purchases in the UK at the time of writing.

Share	Your Share Value	5% Deposit	Est. Monthly Mortgage	Est. Monthly Rent
25%	£50,000	£2,500	~£250	~£280
50%	£100,000	£5,000	~£500	~£190
75%	£150,000	£7,500	~£750	~£95

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