You may increase your share in the future through a process known as ‘staircasing’. Your rent is adjusted to reflect this. In some cases you may be able to buy outright after as little as 1 year of occupation, although there are some restrictions on rural schemes.
When you buy a shared ownership property, your deposit will be lower than on the open market. This is because you only need to raise a deposit for the share you are buying, and not the full open market value.
How to apply
To apply for a shared ownership home, you will first need to register with the local Help to Buy Agent.
You must meet the following criteria:
- Annual household income less than £80,000
- Unable to purchase a home suitable for your needs without assistance
- Not a current home owner (or named on the deeds of another property) in the UK or abroad
- No outstanding credit issues (ie unsatisfied defaults or County Court Judgements).
Visit Help to Buy for more information or telephone 0800 456 1188.
View our latest shared ownership properties or visit Right Move.