Shared Ownership Scheme
Shared Ownership
Scheme
Shared Ownership helps you get on the property ladder by buying a share of a home and paying rent on the remaining share.
What Is A Shared Ownership Scheme?
Shared Ownership is a helpful option for people who want to buy a home but are finding it difficult to save a large deposit.
Instead of purchasing the whole property at once, you buy a share of a home you can comfortably afford, usually between 10% and 75% of its market value.
You then pay rent to the landlord, often a housing association, on the remaining share.
As time goes on, you can increase your ownership in steps of at least 10%, gradually buying more of the property until you own it outright.
It’s a flexible way to get onto the property ladder with lower upfront costs, while still giving you the opportunity to own more of your home at your own pace.
Why UKMC
Simple, Straightforward Approach
Simple, Straightforward Approach
Thousands of Products
Thousands of Products
Dedicated Case Manager
Dedicated Case Manager
Free Property Insights and Reports
Free Property Insights and Reports Our online portal gives you instant access to property reports,
Including:
• Broadband speeds
• Energy efficiency ratings
• Local property price trends
• Area demographics, including professions and crime rates
• Flood and geology reports
• Infrastructure projects and radon risk
You’ll also find a handy home buying checklist to keep you organised.
Flexible Appointment Options
Flexible Appointment Options 
Things to Consider
Benefits
Smaller deposit
One of the biggest advantages of Shared Ownership is needing a much smaller deposit. Because you’re only buying a share of the home rather than the full value, your upfront costs are lower. That means less time saving and more time settling into a place that finally feels like yours.
Access to homes that suit your needs
Shared Ownership can open the door to properties you might not be able to afford outright through a standard mortgage. Whether you’re hoping for a bit of outdoor space, an extra bedroom, or simply a home in the right location, this scheme can help you get more of what matters to you.
Build equity gradually
Even though you’re only buying part of the property, the value of your share can still increase over time. As the property grows in value, so does your portion. This gives you the chance to build equity at your own pace, and use it to buy more of your home when the time feels right.
Risks
Tighter eligibility criteria
To qualify for Shared Ownership, your household income must be £80,000 or less or up to £90,000 if you're buying in London. You’ll also need to show that buying a suitable home on the open market isn’t affordable for you right now. These criteria can rule some people out, so it’s worth checking where you stand early on.
Fewer property choices
Shared Ownership is only available on certain types of homes. Most are new-builds or properties being resold through the official Shared Ownership scheme. There are also specially adapted options if you have a long-term disability. While these can still offer great choices, the pool is smaller than the general housing market.
You’ll pay rent as well as your mortgage
Because you’re only buying a share, you’ll pay rent on the portion you don’t own. That means balancing mortgage payments, rent, and any plans you have for buying further shares in the future. Lenders will check your affordability to make sure the combined costs are manageable, something worth keeping in mind when you’re budgeting.
How to Apply for the Shared Ownership scheme?
Check you’re eligible
Before anything else, make sure you meet the requirements for Shared Ownership. You can speak to your mortgage adviser or read the latest government guidance to confirm whether the scheme is suitable for you.
Find a property you love
Next, start looking for Shared Ownership homes in the area you’d like to live. Once you find one that feels right, arrange a viewing, check you meet the eligibility criteria, and make sure the monthly costs are comfortable for your budgee
Reserve the home
If you’re ready to move forward, you’ll be asked to pay a reservation fee,usually up to £500. This holds the property for an agreed time, and the fee is taken off your final balance on completion. If you decide not to buy, the fee is often non-refundable, so it’s worth confirming the details with the landlord before you commit.
Get in touch with us
A mortgage adviser will help you find the right mortgage for your situation and explain your mortgage offer clearly. A solicitor or conveyancer will then take care of the legal side and guide you through the transfer of ownership. We’re here to make each step feel straightforward and manageable.
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How Do I Know If I’m Eligible For Shared Ownership?
Income
To qualify for a Shared Ownership Scheme, your household income needs to be less than £80,000 per year. If you live in London, this must be less than £90,000.
Current Homeowner Status
You must be a first-time buyer, have a history of being unable to buy or are a current shared owner.
Age
Applicants for the Shared Ownership Scheme must be at least 18 years old.
Your Citizenship and Residency
You must be a resident of the UK or if you are a non-UK citizen have indefinite leave to remain. You may be required to have local connections depending on some authorities’ requirements.
Deposit and Credit
A deposit is needed (typically 5%), and you should have a good credit history.
Income
To qualify for a Shared Ownership Scheme, your household income needs to be less than £80,000 per year. If you live in London, this must be less than £90,000.
Current Homeowner Status
You must be a first-time buyer, have a history of being unable to buy or are a current shared owner.
Age
Applicants for the Shared Ownership Scheme must be at least 18 years old.
Your Citizenship and Residency
You must be a resident of the UK or if you are a non-UK citizen have indefinite leave to remain. You may be required to have local connections depending on some authorities’ requirements.
Deposit and Credit
A deposit is needed (typically 5%), and you should have a good credit history.
what our clients saying about us
At the end of my tether I was introduced to Sam from UKMC.
Previous advisors had failed to find me any deals worth looking at and I was feeling most despondent. Destined to continue paying waaaay too much for my mortgage.
Creative Director, TUX Creative Co
At the end of my tether I was introduced to Sam from UKMC.
Previous advisors had failed to find me any deals worth looking at and I was feeling most despondent. Destined to continue paying waaaay too much for my mortgage.
Creative Director, TUX Creative Co
At the end of my tether I was introduced to Sam from UKMC.
Previous advisors had failed to find me any deals worth looking at and I was feeling most despondent. Destined to continue paying waaaay too much for my mortgage.
Creative Director, TUX Creative Co
Frequently asked questions
Got questions? Let’s answer them
How much deposit do I need for Shared Ownership?
Is it harder to sell a Shared Ownership property?
Can I rent out my Shared Ownership home?
Can I decorate or make changes to the property?
Can I eventually own 100% of my Shared Ownership home?
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