What is shared ownership?

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What is shared ownership?

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When you consider buying a home, what comes to mind? You probably think about the freedom of having your own property, perhaps the colours you’ll choose to decorate the living room, maybe even the excitement of hosting a housewarming party.  

However, for most people there’s also a nagging question looming over these happy thoughts: How will I ever afford the deposit? 

If this sounds all too familiar, then we’ve got some exciting news for you. Home ownership could be closer than you think – and shared ownership may be the solution you’re looking for! 

But what exactly is shared ownership? 

Shared ownership gives first-time buyers and those who do not currently own a home the chance to make their first steps onto the property ladder or it perhaps suits those people who are down-sizing due to changing circumstances. It is a government-funded scheme, designed to help people who can’t afford to buy a home outright in the open market. 

When you buy a shared ownership home, you are buying between 25% and 75% of a property, depending on what you can afford. You take out a mortgage on the share you own and pay rent to a trusted housing provider on the remainder.  

As your mortgage will only be on a share of a home, this means you need a much smaller deposit than if you were buying a home outright. Shared ownership mortgages usually only require a 5% deposit – so you can get onto the property ladder with a deposit as low as £2,000! 

This part-buy, part-rent solution is becoming increasingly popular among homebuyers. But, you may ask, isn’t it expensive to pay both a mortgage and rent? 

The short answer is… no, it isn’t!  

Why? Well, the subsidised rent, combined with the monthly mortgage on the remaining share of the home, works out around the same as paying rent on the open market. In many cases it even works out cheaper. 

Best of all, the buyer has the option to increase their share of the property, which is known as ‘staircasing’. In most shared ownership homes, you can staircase all the way up to 100%, meaning you’ll own the property outright. 

Over 200,000 home owners across the UK are already benefiting from shared ownership. Could you be next? 


If you would like any more information on shared ownership homes our team are here to help. You can email us at newhomes@cerrishomes.co.uk or call us on 01782 854748.  

We have new homes available to buy now – find a new home and discover developments coming soon. 


Why Choose
Cerris Homes?

We provide high quality, new homes that are affordable for you to buy, through the shared ownership scheme.