Shared ownership housing

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What is it and how does it work?

'Shared Ownership' is a mixture of renting and owning a house. You buy a share (typically 25% or 50%) in the ownership of the property and pay a reduced rent on the remainder.

In Renfrewshire, there are approximately 130 shared ownership properties provided by Link Housing Association. The rent goes to the housing association and the mortgage contribution to the building society, bank or other lender.

Is shared ownership for you?
It's worth thinking about if you can't afford to buy a house outright, but want to make a start on the home ownership ladder.

You have the right to buy a further 25% of the shares in a property, up to and including 100%. At this point you become the sole owner of the property.

Are you eligible?
Housing Associations normally give priority to people living in housing association or council housing, who've never owned or part-owned a home before.
If you can afford to buy a house on the open market you won't be eligible. Of course you will have to be able to afford to buy the 25% or 50% share of the equity.

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