What is shared ownership?
Shared ownership is a governmental scheme and was introduced to help people who cannot afford to buy a home outright. Through shared ownership you buy a share of the property and pay an affordable rent on the remaining share. The remaining share belongs to the landlord, a member of the Harvest Housing Group, Outlook Homes’ parent company. Although you do not own the property outright, you enjoy the normal rights of a full owner-occupier.

How does shared ownership work?
The scheme allows you to purchase a share of a property, and the share you purchase is funded by a mortgage which you will need to arrange with a bank or building society – Outlook Homes can assist with the mortgage selection if required.

What percentage share can I buy to start with?
You can purchase a 40, 50, or 75% share dependent on your income or savings. The higher the share you purchase the less rent you will have to pay. If you purchase 75%, there is no rent payable for 5 years.

Who is eligible?
Anyone that is unable to buy a home outright on the open market may be eligible for shared ownership. This includes:

• First time buyers and key workers
• People still living at home with parents
• Those struggling to get on the property ladder
• People who are separated, divorced or single parents
• People currently living in private rented accommodation
• Occasionally buying criteria will apply

For further information about eligibility, please contact us.

Can I buy additional shares in the property?
Yes – After a 12 month initial period you can buy further shares until you own the property outright. Buying further shares is called ‘staircasing’.

How much deposit will I have to pay?
Please contact Outlook Homes should you wish to be put in touch with a specialist mortgage advisor.

Can I resell the property?
Yes – You are free to resell the property.

Can I buy a shared ownership home with someone else?
Yes – Up to four people can become joint owners but all joint applicants must individually and jointly meet the eligibility criteria. Please contact us for further information.