Shared ownership is a form of tenure virtually unique to the housing association movement.  In simple terms, shared owners buy a share in their home, usually 25% or 50%. Shared Owners remain responsible for the general maintenance and improvement works to their property.

Most shared owners raise a mortgage from a bank or building society just as if they were buying a home in the normal way. The housing association owns the remaining share.  The shared owner pays rent on this unsold share to the Association. For example, if you were the shared owner of a flat valued at £50,000 and you bought a 25% share you would pay a mortgage of £12,500 to the bank or building society.  You would also pay 75% of the rent that would normally be charged on the property to us, included in the rental element will be the building insurance, so there is no need for a shared owner to have building insurance cover. This does not provide cover for your home contents. Shared owners can buy further shares in the property until outright ownership (subject to conditions within their lease) is achieved but are under no obligation to do so.  Similarly, the shared owner can decide to advertise and sell their share on the open market as per the terms in their lease.