Shared
Ownership

what is shared ownership?

what is shared ownership?

Shared Ownership is an excellent way for you to take your first steps onto the property ladder and become a home owner. With Shared Ownership, you buy a share of your home – as much as you can offord – starting from as little as 25% and rising up to 75% of the property’s value. You then pay subsidised rent to us on the remaining share of your home. When you wish to, you can buy a bigger share of the property until you own it outright.

The deposit required for a Shared Ownership mortgage is lower than if you were purchasing a property outright. This is because it is calculated on the initial share you are purchasing, rather than on the full value of the property. Mortgages for Shared Ownership are available with as little as 5% of the share value.

EXAMPLE: PURCHASING 25% OF A PROPERTY VALUED AT £200K.

(1)YOUR deposit

5% mortgage deposit based on the share you are

(2) YOUR MORTGAGE

A mortgage lender will loan you the remaining 95% funds for your share £45,000.

(3) YOUR RENT

You will then pay a subsidised rent to Clarion on the remaining 75% of the property you don’t own.

I am Eligible?

TO BE ELIGIBLE FOR SHARED OWNERSHIP YOU WILL NEED TO MEET CERTAIN REQUIREMENTS SET BY HOMES ENGLAND
AND THE GREATER LONDON AUTHORITY (GLA). YOU COULD BE ELIGIBLE FOR SHARED OWNERSHIP IF:

  • You are at least 18 years old.
  • You cannot afford to buy a home that suits your household’s needs on the open market.
  • You have savings to cover a mortgage deposit and can obtain a mortgage.
  • Your household earns £80,000 or less (£90,000 or less inside London).
  • You are a first-time buyer. If you already own a home and need to move but cannot afford to – or you have equity from a recent sale – please contact us, as there are some circumstances under which you may still be eligible.

In some cases, due to criteria set by local authorities, you may be asked to show a connection to the local area where you’re looking to buy. For instance, you might currently live and/or work there. Maximum incomes and further eligibility requirements may vary for each scheme. Speak to a member of our sales team if you have any doubts.