EXPERTS
Top Tips for Finding Out More About Shared Ownership Q I am a first time buyer and I have heard about Shared Ownership, but I have no idea about how to find out more information. Maisie Blacklock, Salford A Thinking about buying your first home but not sure where to start? Shared Ownership could be a great way to get on to the property ladder, but it’s important to understand how it works before making any decisions. Here are our top tips to help you learn more and feel confident about the process. 1. Understand how Shared Ownership actually works With Shared Ownership, you purchase a share of a property, usually between 10% and 75%, and pay a reduced rent on the remaining share. This can make homeownership more affordable than buying outright. 2. Check if you’re eligible Shared Ownership is designed to help people who cannot afford to buy a suitable home on the open market. Eligibility criteria can vary, so it’s worth checking whether you qualify before you start your home search. 3. Speak to an independent mortgage adviser A mortgage adviser who understands Shared Ownership can explain how much you could borrow, what deposit you’ll need and what your monthly payments are likely to be. 4. Work out your budget Remember to consider all the costs involved, including: • Mortgage repayments • Rent on the remaining share • Service charges (where applicable)
than photographs alone. It’s also a great opportunity to ask questions face-to-face.
5. Register your interest early Many new homes are sold before they’re completed. Registering your interest as soon as developments are released means you’ll receive updates, invitations to launch events and details of new homes before they’re widely advertised.You can find out who’s operating in your area by searching Shared Ownership homes: buying, improving and selling: Finding a Shared Ownership home – GOV.UK. 6. Ask lots of questions No question is too small. Ask about: • Monthly costs • The buying process • How long the purchase takes • Buying additional shares in the future (known as staircasing) • Selling your home if your circumstances should change. 7. Visit a sales office or show home if you can Seeing a home in person gives you a much better feel for the layout, quality and space Shared Ownership has helped thousands of people achieve homeownership
8. Read the information provided Take time to read the brochure, floorplans, price list and Key Information Documents. These explain exactly what’s included and help you compare different homes. 9. Don’t believe the myths There are lots of misconceptions about Shared Ownership. Many people wrongly believe they can never own more of their home, can’t sell it or aren’t allowed to make changes. Speaking to an experienced sales adviser will help separate the facts from fiction.
10. Take your time Buying a home is one of the biggest
financial decisions you’ll make. Don’t feel pressured into making a quick decision. Take time to understand the process, ask questions and choose the home that’s right for you. Remember... Shared Ownership has helped thousands of people achieve homeownership who thought buying a home was out of reach. The more you understand the scheme, the more confident you’ll feel about taking your first step on to the property ladder.
• Household bills • Home insurance • Legal and moving costs.
Understanding your full monthly budget will help you choose a home that’s affordable both now and in the future.
Lisa Westerman
More advice at
firsttimebuyermag.com
First Time Buyer October/November 2026 99
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