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 5% deposit.
How does the scheme work?
I love having the security of owning a home without the full mortgage payments that usually come with a private sale home; this option is much more affordable.” Sonia Melot, home owner at Pembury Circus.
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.
Guide to buying a Shared Ownership home