Shared ownership makes it possible to own your home – even if you feel priced out of the property market.
It’s an affordable home ownership scheme designed as a stepping-stone to outright ownership if you can’t afford to buy a home on the open market.
Under the shared ownership scheme you part-own and part-rent your home, making it possible for first-time buyers and families to get on the property ladder.
An affordable way to buy a home
Shared ownership is a more affordable way to have the security and stability of owning your own home. If you’re currently renting your home, you may even be able to reduce your monthly outgoings with an L&Q shared ownership home. You may find the combined cost of your mortgage, rent and service charges to be cheaper than the cost of private rental.
You could be within reach of owning your own home, even if you don’t have a large deposit ready. With shared ownership you need a much smaller deposit than when you buy on the open market – and it’s already helped thousands of first-time buyers and families onto the property ladder.
What’s more, you won’t be overstretched because you will only purchase the share you can afford. We’ll help you work out how much you can afford during your financial interview. As your income rises, you can increase the share you own, until you eventually own 100%.