Shared Ownership Mortgage FAQs

What is a Shared Ownership Scheme?

Shared Ownership or entering into a Shared Ownership Scheme, means that you share the ownership of a property. You will own part of a property and the other percentage will be owned by another party; usually the Housing Association.

Is there a no deposit shared ownership mortgage available?

Yes there is a 100% no deposit mortgage available.

What do I own?

You will buy a percentage of the property (normally anywhere between 25-50%) and then pay rent to the other party for the part of the shared ownership property that they own, but that you are allowed to live in too.

Can I increase the share I have in the property?

As time goes by you may be able to increase the share that you have in the property, sometimes buying it outright. This is called ‘staircasing’.

Who can get a shared ownership property?

The government’s shared ownership schemes are available to everyone but certain properties are only available for key workers, but this is not entirely exclusive.

What are the advantages of a shared ownership?

Shared Ownership properties and schemes can help you to get on the first rung of the property ladder. Shared Ownership properties are often new builds or refurbished and in some areas, stamp duty is waived.

What kind of mortgage do I need to enter into this scheme?

You will need a shared ownership mortgage, which is a mortgage for the part of the property that you own. Click n go will source the right mortgage for you and can help you to figure out whether you are eligible for a shared ownership property.