Shared ownership is designed for people who cannot afford to buy a house on the open market but still want to get on the property ladder.
An initial share is bought (usually 25% to 75%) and then rent is paid on the remaining part. There are two monthly payments, one for the mortgage and one for the rent. However, these are still less than the mortgage would be on an open market property. The other share in your home is owned by a housing association or a developer. It may be possible for you to increase or decrease the share you own later. This is known as staircasing.
When you sell a shared ownership property, the proceeds are split according to who owns what. If you have staircased from 50% to 80%, then you would get 80% of the value of the property when you sell it.
To find out more about Shared Ownership please see Help to Buy South website (link is available in the downloads section at the foot of this page) or telephone 0800 456 1188: http://www.helptobuysouth.co.uk/ or telephone 0800 456 1188.
Alternatively you can contact:
The Housing Development Officer
Telephone: 01264 368000