About Shared Ownership

What is

Shared
Ownership?

Designed as an alternative way to buy your new home, you can buy a share with a small deposit and a mortgage.

You pay rent on the remaining share you haven’t purchased, but you live in your home as your own – and you can buy more shares in your home when you wish to.

How it works

*Based on a 6% mortgage interest rate and 30-year mortgage term. **Calculated at 2.75% of remaining share. Costs provided are indicative and approximate only.
Example provided is based on a property with a full market value of £307,500. Individual costs may vary subject to personal financial circumstances.
All applicants are required to complete an affordability assessment to determine affordability. ^Monthly service charge is payable and varies by plot.

A guide to Shared Ownership

Useful information

How much of a deposit do I need to purchase a Shared Ownership home?

Generally, applicants will require a minimum 5% mortgage deposit of the share they wish to purchase. However, it is important that you speak to an independent financial advisor (IFA) since this can vary depending on your current circumstances and mortgage lender requirements.

Can I make an offer on a property that is different to the advertised price?

Shared Ownership prices are non-negotiable and will therefore be sold for the price advertised.

Do I have to buy the minimum share advertised?

We always encourage applicants to maximise on their affordability. On this basis, purchasing a larger share than the share advertised is permitted up to a maximum of 75% (as long as it’s affordable and you still meet Shared Ownership affordability and mortgage lender affordability).

Am I eligible if I already own a home?

You can still apply for a Shared Ownership property if you are a current homeowner and your home is sold subject to contract (you will need to provide evidence of this).

Sales must complete simultaneously if your existing home has not completed prior to the sale of your new purchase. You cannot own two homes at once as per Shared Ownership guidelines.

I have a mortgage decision in principle. Why do I need to complete an affordability check?

All Shared Ownership applicants must meet Shared Ownership affordability as per Homes England government requirements. This affordability check must be carried out irrespective of being in receipt of a mortgage decision in principle. This check helps to determine the maximum share affordable.

The Shared Ownership affordability check does not consist of any credit check and will not affect your credit score.

When I’m applying for my mortgage, can I use my own mortgage broker or can Thrive Homes suggest one?

Yes, you can use your own mortgage broker or go to a lender directly for your mortgage. However, for your initial affordability assessment, we will require you to speak to an independent mortgage broker firm we work closely with.

They are also experienced in Shared Ownership mortgages, although you are not obligated to use their services when it’s time to apply for a mortgage.

Can I select kitchen and flooring choices?

All our homes are pre-designed and fitted out ready for you to move into. You will not be disappointed with our contemporary specification.

Download our full Shared Ownership guide to find out more. Alternatively, get in touch and we will be happy to help.

Shared Ownership guide Get in touch

Not ready to buy?

The Rent to Buy scheme provides an affordable route to homeownership.

The scheme offers homes at a discounted rent on an assured shorthold tenancy (AST) basis, usually as much as 20% less than private market rents. This then allows you to save for a deposit to buy your home after five years, either outright or through Shared Ownership. It’s the perfect ‘try before you buy’ product.

Thrive Homes offers Rent to Buy on selected new developments, as well as relets that become available from time to time.

Find out if you’re eligible