{"id":887,"date":"2019-09-06T07:14:05","date_gmt":"2019-09-06T07:14:05","guid":{"rendered":"https:\/\/sharedownershipweek.co.uk\/?page_id=887"},"modified":"2021-08-24T16:08:46","modified_gmt":"2021-08-24T16:08:46","slug":"what-is-shared-ownership","status":"publish","type":"page","link":"https:\/\/staging.themediapeople.co.uk\/sow2021\/what-is-shared-ownership\/","title":{"rendered":"What is shared ownership?"},"content":{"rendered":"
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How does Shared Ownership work?<\/h2>

You as the purchaser would pay a mortgage on the share that you own and then pay rent on the remaining share, to the housing association that sold you the property. The deposit required for shared ownership is much lower and therefore more accessible for so many people. You only need a mortgage for the share you are purchasing and not the full property value.  To learn how it all works, <\/span><\/span>look<\/span> at our <\/span>6-step<\/span> guide to home ownership through Shared Ownership.<\/span><\/span><\/span><\/p>

  1. Register with your local registered provider (RP) and local homebuy agent<\/li>
  2. Gain an independent financial assessment from an Independent Financial Advisor<\/li>
  3. Once you have your application in place and an understanding of affordability, apply for a property that you want to buy<\/li>
  4. Reserve your property<\/li>
  5. Await your final mortgage offer<\/li>
  6. Exchange and complete!<\/li><\/ol>

    There is often a misconception that Shared Ownership means you share with other people, whereas the term \u2018share\u2019 refers to the \u2018share\u2019 in a property. Shared ownership properties can be bought either as an individual or as a couple, and you can find more details below.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>

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    Am I eligible for Shared Ownership?<\/h2>\n