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How does Shared Ownership work?

Shared Ownership is another way to buy a home. You buy a percentage share, typically with a mortgage and mortgage deposit, and pay rent on the rest you don't. The housing association owns the part of it you don't buy — but you’re living there, you decorate it, and you decide when to sell. Can you usually buy between 25-75% of the home, but some homes may offer from 10%.

Buying a percentage means a smaller deposit and smaller mortgage as your deposit is based on the value of the share, not the full market value. Your total monthly costs of a mortgage on your share, rent on the rest and service charges (that will vary depending on the home you buy) is usually comparable to an equivalent home if you were privately renting, if not less.