Shared home ownership schemes

Shared ownership schemes, provided through housing associations, allow you to purchase a share of your home. The share you can purchase may be between 25% and 75% of the property’s value, for which you take out a mortgage. You then pay rent only on the remaining share.

Your NexMoney advisor can talk to you about your personal circumstances and assist you to secure you a mortgage that will allow you to access the security that comes with home ownership at a price that you can afford. We take care of the whole mortgage process for you from start to finish.

Your NexMoney advisor can talk to you about your personal circumstances and assist you to secure you a mortgage that will allow you to access the security that comes with home ownership at a price that you can afford. We take care of the whole mortgage process for you from start to finish.

There are a number of potential benefits to entering in to a shared ownership scheme, including:

• The ability to get a first step on the property ladder when purchasing privately may be out of reach
• The potential to own your home outright through the purchase of additional shares in the future
• With the right mortgage, shared ownership can be cheaper than renting
• Increasing property process may allow you to sell the home at a later date for a profit

Eligibility criteria apply to shared ownership schemes. You can buy a home through shared ownership if:

• your household earns £60,000 a year or less (or £71,000 a year or less in London for a 1 or 2 bedroom property, or £85,000 a year or less in London for a 3 or more bedroom property)
• you’re a first-time buyer (or you used to own a home, but can’t afford to buy one now)
• you rent a council or housing association property

If you are aged 55 or over, you may be eligible for an ‘Older People’s Shared Ownership’ scheme. Under this scheme, you may purchase up to 75% of your home, and once you own 75% you will not have to pay any rent on the remaining share. This can deliver significant housing cost savings to an eligible person. Our NexMoney advisers will talk to you about your personal circumstances and be able to advise you on the benefits to you of entering in to an Older People’s Shared Ownership’ scheme.