Shared Ownership or Part-Rent Part-Buy

Looking for your dream home at the right price? Shared ownership (also known as part-rent part-buy) may be the answer.

It helps you to buy a home if you have found that the open market is out of your price range. You buy a portion of your home with a mortgage or savings and then pay rent on the rest.

Is it right for you financially?

The share you buy is based on your income and outgoings. For grant funded homes or homes that were built under one of Homes England's Affordable Housing Programmes you will be expected to have a minimum monthly surplus income of 10% after all expenditure has been accounted for. You can read more about this in our Minimum Monthly Surplus Income policy which can be found here. 

We all know that home ownership is a serious financial commitment. You need to ensure you have the income to not only buy a property but maintain it too. You will need to contact our expert advisor; details can be found below. They will go through the initial process with you and advise you if you can proceed to the next stage. 

Expert financial advisors

The Mortgage People        Arrange an assessment TMP 

Homes England's affordability guidelines require you to have a Minimum Monthly Surplus Income, details of which can be found in our policy:

 

Grant funded home

Grant-funded homes

Homes built with grant funding or through one of Homes England's Affordable Homes Programmes will be offered on a 'first come first come first served' basis. More details of how this works can be found here in our 'first come first served' policy.  

You can find out more about these schemes here:

Some properties require a local connection, this means that you may need to live or work in the local area of the property that interests you in order to be eligible to buy it. Please read through these helpful links below on how the application process works, how we can support you and what you will need to become a home owner. 

Shared Ownership or Part-Rent Part-Buy

Shared Ownership brochure

Affordable Housing Programme (AHP) 2016-2021

For homes purchased under the Affordable Housing Programme (AHP) 2016-2021 you will have the opportunity to buy a share worth between 25% and 75% in the first instance.  In most cases you will have the opportunity to purchase the property outright in the future.

Affordable Housing Programme (AHP) 2021 - 2026

For homes purchased under the Affordable Housing Programme (AHP) 2021-2026 you will have the opportunity to buy a share worth between 10% and 75% in the first instance. In most cases you will have the opportunity to purchase the property outright in the future. Homes England have also introduced the option of staircasing in 1% increments for the first 15 years; larger shares can still be purchased with the minimum reducing from 10% to 5%. 

We will work with you to ensure you do not overextend yourself but maximise your finances. We require certain financial information to calculate how much of your property you should buy. You will be expected to complete an affordability assessment with one of our expert financial advisors - please see above.

To register for affordable home ownership you first need to complete our application form, then please read all the information in the shared ownership Toolkit which is also in the link below.

Apply here

Shared ownership logo To register for affordable home ownership, you first need to complete our application form on the link below. Please then read all the information in the Toolkit.
Affordable home ownership application