What is Shared Ownership?
You could be eligible for shared ownership if you are:
- A first time buyer earning less than £80,000.
- Renting and have a good payment history.
- In need of a home due to a relationship breakdown.
- In need of a downsize.
Shared Ownership means:
- A smaller deposit.
- A smaller mortgage.
- Buying your dream home sooner than you think.
- Paying for your future, not someone else's mortgage.
Shared Ownership does not mean:
- Living with a stranger.
- You can't sell your home.
- Living in an undesirable area.
- You can't make your house your own.
Frequently asked questions
How does Shared Ownership work?
Below is an example of a total monthly payment under WDH's Shared Ownership Scheme.
example of a total monthly payment under WDH's Shared Ownership Scheme
| Item |
Cost |
| Full house price |
£155,000 |
| 50% share |
£77,500 |
| Monthly mortgage payment 1 |
£435.32 |
| Rent and charges 2 |
£177.60 |
| Total monthly payment |
£621.92 |
1 Monthly mortgage payment based on a 25 year mortgage at 5% interest rate (interest rates may vary) with a 5% deposit paid.
2 Rent and charges reviewed annually.
What are the costs when buying a Shared Ownership home?
- A £200 reservation fee.
- Legal fees.
- Mortgage application fees.
- Mortgage payments.
- Rent and service charges including buildings insurance.
- Stamp duty.
- Mortgage protection insurance.
- Contents insurance.
- Repairs and maintenance after the builders guarantee period.
- Council tax.
- Household bills.
- Carpets and furniture.
What happens when I want to sell my Shared Ownership house?
You need to contact the Sales and Leasehold Team and they will explain the process for selling your home and send you the relevant documents.
What happens if the value of my Shared Ownership property has increased / decreased?
If the market value of the property has increased, both WDH and the owner will benefit from any profit, if it has decreased,
both parties will stand the loss. If the seller decides to accept a lower amount of the current market value, they have to
accept the full loss themselves.
Who can tell me if I am suitable for Shared Ownership?
You will need to be approved by the local Help to Buy agent and then the Sales and Leasehold Team will assess your
affordability. When a mortgage is required we can sign post you to Independent Financial Advisors and high street lenders
who deal with Shared Ownership applications.
When can I buy the remaining shares of my property?
You are able to purchase further shares in the property when you are financially able to do so. You will need to contact the
Sales and Leasehold Team for further information.
Can I make improvements or alterations to my home?
You will need to contact the Sales and Leasehold Team for further information.
What is a Mortgage Illustration?
Your mortgage quote will generate a personalised Mortgage Illustration (previously known as a Key Facts Illustration) which
will explain the key features of your mortgage and will tell you what your initial monthly payments would be, based on the
information you provide during your quote.
Case study
Case study - Outwood Case study - St Mary’s, Thirsk
Viewings
To arrange a property viewing contact out Sales and Leaseholder Team on 0345 8 507 507 or complete the form. To apply for a shared ownership property see the section below.