What is Shared Ownership?
Shared Ownership used to be called part buy/part rent or Newbuild Homebuy. It allows you to buy a share in a brand new or refurbished home.
You usually pay a mortgage on the part you own and a subsidised rent on the part you don’t own. As your income rises you can increase the share you own, until you eventually own 100% and no longer pay us any rent (
see Staircasing section).
Who is eligible?
Shared Ownership aims to provide housing for people whose incomes aren't high enough to buy a home on the open market.
There are certain restrictions on the size of property you can apply for as we will only consider you for a property that is suitable for your needs. For example, a single person or couple without children will normally be limited to a two bedroom home. A family of three or more would generally be able to apply for a larger home.
How do I apply for Shared Ownership?
We will take you through the process and will help you register with your local HomeBuy Agent if you're not already registered. HomeBuy Agents are responsible for the initial assessment of HomeBuy applications within a particular geographical area or zone. The Homebuy Agent for the South West of England is South West Homes, they can be contacted on 0300 100 0021 -
www.southwesthomes.org.uk
Click here to search for available properties
For more information, please contact our
Homebuy Sales Team.