Shared ownership means you part buy, part-rent your home

Always dreamt of owning your own home?  Do you only have a small amount of deposit saved up?  Shared Ownership could be the answer!

Shared Ownership is a scheme to enable anyone who is struggling to save a large deposit and can only afford a small mortgage to make their first step onto the property ladder. It allows you to part-rent and part-buy your home, making it possible to buy a property which otherwise may not have been affordable. 

With Shared Ownership you buy a share of your chosen property (typically between 30% and 75%) on which you will take out a Shared Ownership Mortgage (a 5-10% deposit on the share you are buying is usually required). You then pay rent, plus a service charge, on the remaining share you don’t own and can buy further shares of your property (known as staircasing) when you can afford to do so. This allows you to completely own your home one day, should you wish to.

To find out more, check out our new Shared Ownership brochure, which hopefully answers your questions.

Why choose Shared Ownership?

  • You will own a percentage of the value of your home, so will get a return on your rent in the long term
  • You only buy what you you can comfortably afford
  • Your monthly mortgage and rental payments may work out cheaper than buying outright, and combined are often not much more than renting
  • You can buy further shares at a time that suits you or sell your share and move if you wish to in the future

N.B. To be eligible to buy a home through a Shared Ownership scheme:

  • Your household income must be £80,000 or less
  • You must not already be a homeowner.
  • You can check if you’re eligible by clicking here and completing the application form.

For full details of our Shared Ownership scheme, please view our online brochure.

You can also find out more about your responsibilities as a shared ownership owner/leaseholder here.

To find out more about the shared ownership scheme or any of our shared ownership properties, please Email: helptobuy@54northhomes.co.uk or Tel: 0345 521 1993.

Download our 54North Homes Shared Ownership brochure Check if you are eligible to buy a shared ownership home

Here's all you need to know

  • If applying for shared ownership your application form will go to our 54North Homes Sales Officer who will check if you are eligible. They should respond to your application within two working days
  • Once approved, we will request full supporting documents
  • 54North Homes will carry out a full financial assessment and credit check and take up any references as required
  • We will contact you with the outcome of the assessment
  • If approved, 54North Homes will instruct solicitors to progress the sale
  • Solicitors take you through the conveyancing process to exchange of contracts and completion
  • We will then arrange for keys to be handed over to you following completion
  • You move into your new home!

* Home owners – To qualify you must be purchasing a property as your only home and you may not qualify if you have a home to sell or have your name on a residential mortgage. Possible exceptions would be if you are buying through Older Persons Shared Ownership or have to sell your home due to the breakdown of a relationship.

  • If applying for shared ownership your application form will go to the 54North Homes Sales Officer who will check you are eligible. They should respond to your application within two working days
  • Once approved, we will request full supporting documents
  • 54North Homes will carry out a full financial assessment and credit check and take up any references as required
  • We will contact you with the outcome of the assessment
  • If approved you pay 54North Homes £300 to reserve the property and we will instruct solicitors to progress the sale
  • Solicitors take you through the conveyancing process to exchange of contracts and completion
  • We will arrange handover of the keys and relevant documents and a demonstration of how things like the heating work in your new home
  • You move into your new home!

* Home owners – To qualify you must be purchasing a property as your only home and you may not qualify if you have a home to sell or have your name on a residential mortgage. Possible exceptions would be if you are buying through Older Persons Shared Ownership or have to sell your home due to the breakdown of a relationship.

Why Shared Ownership?