Buying a House

Shared ownership schemes are intended to help people who cannot afford to buy a suitable home in any other way. You share ownership of a property with a local authority or housing association. You pay rent to the local authority or housing association for part of the property and a mortgage on the rest. You will usually be able to buy further shares in the property at a later date.

To qualify for the scheme you must usually be a first time buyer, and priority is given to local authority or housing association tenants. Other people in housing need may also be considered for the scheme. You must be able to get your own mortgage to meet the purchase costs on a percentage of the property.

In Northern Ireland, the Northern Ireland Co-Ownership Housing Association runs a similar scheme, called the co-ownership scheme.

More information about shared ownership is available from the Homes and Communities Agency, local authorities or housing associations.You can contact the Homes and Communities Agency on 0300 1234 500 or visit their website at: (New window) www.homesandcommunities.co.uk.

For more information about shared ownership schemes, including HomeBuy in England, Homeswithinreach in Wales and Co-Ownership in Northern Ireland, see Finding accommodation.