About Shared Ownership
Shared Ownership is an affordable home ownership scheme where you can buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share.
It is also known as a part buy / part rent scheme.
You may need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings.
Shared ownership properties are always leasehold and you can buy a home this way if:
- Your household earns £60,000 a year or less.
- You’re a first-time buyer (or you used to own a home, but can’t afford to buy one now).
If you rent a council or housing association property, then you will receive priority for buying a home through shared ownership.
Shared ownership with BCHG
We have a number of shared ownership homes available throughout the Black Country and Birmingham.
You can view them here: BCHG Shared Ownership Homes
Why buy a shared ownership home?
There are many reasons to buy a shared ownership home:
- It can help you get your foot onto the property ladder by making it possible to buy a home that would otherwise have been unaffordable.
- You’ll pay a lower deposit as the deposit will be in proportion to the share of the property that you are buying.
- Your monthly mortgage and rent can work out cheaper than buying 100% of a property. And often it won’t cost much more than renting.
- You will own part of the value of your home – rather than paying rent with no return.
- You can increase the share that you have in your home, which is called staircasing.
- Buying through shared ownership makes you an owner-occupier, not a part tenant which means you’ll have the same rights and responsibilities as a full owner-occupier.
Interested in finding out more?
For further information about shared ownership at BCHG, contact the Lettings team on firstname.lastname@example.org or ring 0121 289 3956 and ask for Kelly Smith, who will be able to help you.