You find a Shared Ownership property that you wish to buy. These are usually available via an estate agent and advertised as shared ownership. The share available for sale will be specified in the property listing.
You can apply for a Shared Ownership mortgage through a normal high street bank. In most cases, you would still require a minimum 5% – 15% deposit of the share that you are purchasing. You then purchase a share in that home, normally between 25% and 75%. Rent would then be payable on the share not purchased.
This method of purchase is often cheaper than paying rent on a private property and suitable for those that have a small deposit or do not meet affordability for a standard purchase.
