Shared Ownership in South Holland

What is it?

If you can't quite afford the mortgage on 100% of a home, Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the value) and pay rent on the remaining share. Later on you can increase your share when you can afford to, and in most cases can staircase up to full ownership.


How does it work?

You buy a percentage of the open market value based on what mortgage your income allows. You then pay rent on the remaining share to a Registered Provider. In some cases you may have to pay a service charge.


Using an example of estimated monthly costs for purchasing a 50% share (estimated in October 2018) you could expect to pay around £630 a month, as detailed below:

Open Market Price£150,000
Share Value£75,000
Deposit Required£7,500
Unsold Value£75,000
Monthly Rent£160
Service Charge£80
Estimated mortgage per month£390
Estimated monthly cost£630           

Am I eligible?

  • If your household income is less than £80,000 per year (if you have a large deposit and earning towards the higher end of the income threshold you may be refused if applying in a lower value area)

  • You are a first time buyer, or current/previous home owner with a legitimate reason for requiring affordable housing

  • You must be at least 18 years old

  • Have a good credit rating

  • Have at least £1500 in savings

  • Have a minimum of 5% deposit


How do I apply?

In most cases you will need to apply through the Home Buy Agent East Midlands or you may have to apply directly through the Developer/Local Estate Agent. There are a number of new shared ownership homes and re-sale opportunities across the district, check online or speak to local estate agents to register your interest.