Help to buy shared ownership offers you the chance to take your first step onto the property ladder.
About Shared Ownership
What is shared ownership?
Shared ownership is a Government backed housing scheme designed to help those people who would like to buy a home of their own, but can’t afford to buy outright. It allows you to purchase on a part buy, part rent basis – providing an affordable alternative to buying on the open market.
Not everyone will be eligible to purchase a home on a shared ownership basis – to check if you are, please see our Eligibility section.
How does it work?
You purchase a share of the property which is based on the maximum you can afford. Initially you can purchase up to 75% of the total market value. You then pay rent on the remaining share of the property which is owned by Paradigm.
How do I pay for my share of the property?
In the majority of cases, you will be required to arrange a mortgage to fund your share of the property. It is not usually possible to secure a 100% mortgage so you are likely to need some savings for a deposit – about 5%-10%. You can get some guidance on how much you can afford by using our Affordability Calculator but we advise that you also seek independent financial advice.
Can I buy more shares at a later date?
As and when your circumstances allow, you can buy further shares from Paradigm – this is known as staircasing. The more you own of the property the less rent you pay to Paradigm. In most cases, if your lease allows, you can go on to own 100% of the property and if it is a house, and again your lease allows, Paradigm will transfer the freehold to you.
Can I sell my share of the property?
Paradigm must be notified of your intention to sell your property, but you can sell your share at any time.