How to buy a shared ownership home

Shared ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build property. You pay a mortgage on the share you own, and a subsidised rent on the remaining share. Because you only need a mortgage for the share you buy, the amount of money required for a deposit is a lot lower when compared to the amount that would be required when purchasing outright.

You have the option to increase your share during your time in the property via a process known as ‘staircasing’, and in most cases you can staircase all the way to 100%, thereby owning the property outright. Shared ownership properties are always leasehold.

Take the journey with us and follow the steps below through our buying process...

Step 1

Who can buy a shared ownership home?

To qualify, your household income must be £80,000 or less for homes outside of London boroughs and £90,000 for homes within London boroughs, and you can’t already own a home.

Register

If you meet the criteria on the left, register here and you’ll be the first to know when we have shared ownership homes come up which you’re eligible to buy.

Step 2

Viewing

Once you’ve registered with us, when there’s a launch or viewing day at a development where you’re eligible to buy we will invite you by email to look at one of our homes. If you want to check on when this might be have a look at our developments or call us on 020 3675 9933, or email us.

Reserve a property

Our sales advisor will ask you to complete an application form to check that you’re eligible to buy. If we are able to offer you a home, the sales advisor will take you through the reservation process and will answer any questions you may have.

Step 3

Apply for a mortgage

We have a panel of partner IMAs that are experienced in arranging shared ownership mortgages. Usually your mortgage application meeting will take place between 9am and 5pm Monday to Friday so be sure to allow time to attend this.

Exchange of contracts

Once your lender has provided a mortgage offer and your solicitor has received replies to their questions on the lease, you will exchange contracts, which means you’re legally committed to buying your home and we’re committed to selling it to you. Usually this occurs whilst the home is being built and should happen 28 days after you have instructed your solicitor to go ahead.

Completion and move-in!

Once your home has been built and all building documentation received, your solicitor will confirm a date that your purchase will go through and you can move in to your new home. This is also when your solicitor will contact your mortgage provider to release monies for your home and provide you with a statement of fees associated with the purchase.

How do I get started?

  • Register with us, if you haven’t already
  • Complete this form and get your affordability confirmed by our partner IMA
  • Call us on 020 3369 0115 or e-mail us on [email protected] to reserve your slot at our launch event
  • If you want to reserve a home on the day, you’ll need to bring along the below information

Things you'll need

  • Photo ID (for example passport or driving licence)
  • Proof of address (for example council tax bill or recent utility bill)
  • Last three months’ payslips or if you are self-employed, your audited accounts for the last two years from a certified or chartered accountant or the last 2 years tax assessments from the inland revenue
  • Last three months’ bank statements
  • Proof of savings and covering letter, if it’s a gift
  • Proof of occupation
  • Proof of registration on the electoral roll
  • Debit or credit card to pay the £500 reservation fee

We will then issue you with written confirmation of your new home purchase and the next steps.