Shared Ownership or New Build HomeBuy is a part-buy/part-rent scheme, where you buy a share of a newly-built home from a housing association or other housing provider.

The minimum share you can usually purchase is 25 percent of the value, with a maximum of 75 percent. The housing association or other housing provider will own the rest of the property, and you pay them a subsidised rent on the share you do not own.

The combined monthly costs of the rent and the mortgage will normally be noticeably less than would be experienced if buying the property outright. Once a ‘shared owner’, you can then purchase further shares in your home if and when you can afford to do so, known as “staircasing”, until you own the property outright.

Shared Ownership is usually offered on brand new properties but you can sometimes buy older properties on Shared Ownership. For example when an existing Shared Owner wants to move home; their existing property and offered for sale and is known as a “Shared Ownership Resale.” Also some local authorities or housing associations may allow you to find a property on the open market and then help you to buy on Shared Ownership terms. This is known as “Do It Yourself Shared Ownership” or “DIYSO” for short.