We partner with you to share the cost of buying your own home – you pay for the part you can afford and we’ll pay for the part that’s left.
It’s an opportunity to buy the home that’s right for you without needing the large deposit or the mortgage that goes with it.
Shared Ownership could be for you if:
- You are over the age of 18
- Your household income is less than £80,000, or £90,000 in London
- You don’t already own a home at the time of buying your Shared Ownership property*
How does it work?
You buy a share in the home that’s right for you. That could be from 10% initially, but it's typically between 25% and 40%. You’ll pay a reduced rent on the share that we own and a monthly service charge towards the upkeep of communal areas and/or shared outdoor spaces.
As your finances allow, you can buy further shares in your home as and when you choose, meaning you’ll own more and pay less rent.
Typically, you’ll only need a deposit that is 5% of the value of your share, rather than of the total property value, meaning you could get moving sooner than you thought.
When you’re ready to start your Shared Ownership journey, there are seven simple steps to finding your new home. You can read the detail of each step of the journey here.
*SNG may consider applications from customers who own a home that is sold subject to contract.
Is Shared Ownership right for you?
If you're thinking about buying a home through Shared Ownership and would like to learn more, these resources can help:
Visit the GOV.UK website for guidance
Find official government information about how Shared Ownership works, who is eligible, and the costs and responsibilities involved.
Shared Ownership guidance on GOV.UKIndependent advice from the Leasehold Advisory Service
Get free, independent advice on leasehold ownership, including your rights and responsibilities as a shared owner and information about service charges and leases.
Visit the Leasehold Advisory Service websiteFind out how Shared Ownership works
Read our seven simple steps to buying a home with Shared Ownership.
Find out hereFAQs
A deposit for a Shared Ownership home can start from just 5% of the share value you’re looking to buy. So for example:
If you’re looking to buy a home that has a 40% share value of £80,000, then your deposit could be as little as £4,000 - meaning you may be able to get on the property ladder sooner than first thought!
You can speak to our panel of mortgage brokers for more information around affordability.
You’ll want to make your new home just right for you – and that might mean redecorating and carrying out home improvements.
For lighter improvements such as painting, decorating and hanging shelves, you're free to be as creative as you like.
For any major works such as a new kitchen or bathroom, or even an extension, you'll need written approval from us, and in some cases also from your mortgage lender - you may also need planning permission and building regulations approvals!
In most cases subletting is strictly prohibited on Shared Ownership homes. There may be exceptions to this rule, for example, if you are a serving member of the Armed Forces who has been stationed away, or if the sale of the property has been affected by certain issues, such as cladding. You can however take in a lodger who can contribute towards property bills, providing they do not have any type of tenancy agreement with you.
Your Shared Ownership home is just that – jointly owned between you and us, so when you’re ready to sell and move on, we’re here to help.
You'll have two options when it comes to selling your Shared Ownership home:
- Sell your home with SOWN, our specialist partner agent for resales
- Sell your home with SNG
Check out the information on our selling your home page for more information.
Find out more