What Is Shared Ownership?

Shared ownership is a scheme that has been set up to help those who can’t fully afford to buy a property outright - it's essentially a cross between renting and buying. Shared ownership lets you buy a stake in a property that falls somewhere between 25% and 75% of the property’s value. This is achieved through a deposit and a mortgage, just as if you were going to buy the whole of the property. You will then have the opportunity to buy back shares when you can afford it, which is called staircasing. Typically you would be expected to buy a further 10% share as a minimum each time, and most housing associations will only let you staircase three times - the third and final time taking you up to 100% ownership of the property.

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