Shared ownership is a cross between buying and renting. You own a share of your home (usually between 25% and 75%), and then rent the part you don’t own at a reduced. This is done in two monthly payments, one for your mortgage and one for the rent. These two monthly payments are less than the mortgage would be on an open market property. The remaining share is owned by a Registered Provider.
Over time you can decide to buy a bigger share in your home, or be in the position to buy the whole property. This is known as ‘staircasing’. If you decide to sell your shared ownership home, the proceeds are split according to the percentage you own and the percentage owned by the Registered Provider or developer.
Shared ownership homes are advertised through the registered provider sales teams, details are on the shared ownership page