Shared Ownership* makes buying a home more affordable, allowing you to purchase a share of between 25–75% of your new home and pay a below market rent on the remaining share.
When the time is right for you, you’ll be able to purchase additional shares (known as staircasing) all the way up to 100%.
An affordable way to get onto the property ladder
Cheaper rent than renting on the open market
The option to buy more shares in your home or sell the shares you already own
Security on your tenure
How does it work?
Shared Ownership properties are available through a part-buy, part-rent scheme that is designed to make the house buying process easier and more affordable. You initially purchase between 25–75% of the home’s market value. You then pay subsidised rent on the remainder.
Once you’ve decided on the size that you want your share to be, you can calculate how much your deposit and your mortgage repayments will be.
Am I eligible?
To be considered eligible for the Shared Ownership scheme your yearly income must be below £90,000 within London, or £80,000 outside of London. You do not have to be a first time buyer to use Shared Ownership, but you must sell any existing properties you own before you can be eligible to use the scheme.
Will I need to pay a deposit?
In most cases, you will need 5% of the share percentage you are purchasing. For example, if the home you are purchasing is £300,000 and you are buying a 25% share which is £75,000, you would likely need a deposit of £3,750.
A recommended mortgage advisor will be able to advise you on the best options available to you, so please ask us to refer you for further advice.
What if I want to move?
When it comes to selling your Shared Ownership home, you’ll be selling the shared percentage you own. The share you own will be sold using the open market value, which will take into account the value of any improvements have made to your home. Catalyst can guide you through the process and help you sell your Shared Ownership home.
*Shared Ownership – Terms and conditions apply. This scheme is subject to qualifying criteria and status. Minimum and maximum share values will apply and rent is payable on the unsold share. Only available on selected properties. It is not offered with any other promotion unless by special arrangement by us. Please speak to our Sales Team for further details.