How Shared Ownership works
When you buy a home through Shared Ownership, you are buying the share that you can comfortably afford while paying rent to the Council for the share that you don't own.
This means you'll take out a mortgage or pay in cash to buy a share (between 25 and 75 percent), and you will pay a subsidised rent for the share you haven't purchased.
Alongside your mortgage payments, you will also pay towards the maintenance of the building and communal parts. This is known as a service charge.
Shared Ownership gives people an affordable way into home ownership, and overall monthly costs are usually less than you would pay in rent for an equivalent property on the open market.