Shared Ownership was introduced to help people who can’t afford to buy a home outright because they can’t afford the full mortgage repayments, the deposit, or both. It enables buyers to own a share of their home with as little as a 10% deposit.
“There was no way I would have been able to afford a home without buying through the Shared Ownership scheme. Buying outright on my own would have been impossible and I found I was being priced out of London. The scheme was the most reasonable and realistic option for me to get onto the housing ladder, and this meant that I was able to purchase a 50% share of my home.” Alix Kelly, home owner at Upton Village.
Very simply, you buy a share in the property and pay a subsidised rent on the remainder (which is still owned by Peabody), which can be less than the usual rent for homes in that area.
Then, when you can afford to, you can buy further shares from us and eventually own your home in full if you wish.