Get your foot on the property ladder

Getting your foot on the property ladder with shared ownership

Gareth Madeley – Senior Product Manager.
Gareth Madeley – Senior Product Manager.

If you or a loved one wants to get on the property ladder but are struggling to buy a home outright, shared ownership may be a great option.

What is shared ownership?

Shared ownership is a government scheme that allows you to buy a share of a property (between 10% and 75% of the property value) and then pay rent on the remaining share, usually to a housing association or local authority. This means you’ll only need to take out a mortgage for the share you want to buy, so your deposit can be as little as 5% of the price of your share, not the price of the whole property, making it an affordable route to home ownership.

Later on, you can then look to buy a bigger share of your home which is known as ‘staircasing’. This enables you to gradually own more of your home as and when you can afford to.

Who’s eligible for shared ownership?

The scheme is available on new and existing properties and is eligible to households with a combined income of £80,000 a year or less (or £90,000 a year or less in London). One of the following must also apply:

• You’re a first time buyer

• You used to own a home but cannot afford to buy one now

• You’re an existing shared owner looking to move.

If you’re interested in buying a home through the shared ownership scheme, you’ll need to contact the Help to Buy agent in your area. Details about your local agent and more information about the scheme can be found by visiting

If you’d like to find out more about our shared ownership mortgages, you can call into your nearest West Brom branch, visit our website or call us on 0345 241 3784.

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