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Shared Ownership


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

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.

Contact form

How to apply

You can apply for our shared ownership properties through the Help to Buy North East, Yorkshire & Humberside website.

Before applying please seek financial advice and / or a mortgage illustration as this will help speed up your application process.

To apply click the button below and complete the application form on the Help to Buy North East, Yorkshire & Humberside (NEYH) website. Please ensure you select WDH as the Housing Association / Developer.

Help to Buy NEYH will then complete an initial criteria assessment before passing your approved application form (details) to us to assess your financial eligibility.

Once your application has been approved, please send us a copy of your shared ownership mortgage illustration; if you are a cash buyer and unable to get a mortgage, please send us a copy of your full credit report. Once our assessments are complete, we will contact you either for further information or to offer you a viewing.

0345 8 507 507


Coming soon

December 2019

Castleford

Three bedroom houses on the Attitude development in Whitwood, built by Strata

South Elmsall

Two homes at Westfield Lane in South Elmsall, built by Mears

Selby

Three properties on the Staynor Hall development in Selby by Persimmon Homes

January 2020

Stamford Bridge

Two homes on the Saxongate development in Stamford Bridge by David Wilson Homes

Thirsk

Two properties on St Mary’s Close in Thirsk, built by STG

Cottingham

Three bedroom houses on Castle Hill Grange in Cottingham, built by Persimmon Homes

February 2020

Stamford Bridge

Three homes on the Godwin Vale development in Stamford Bridge by Avant Homes

Bradford

A selection of properties on West Wood Fields in Apperley Bridge, built by Avant Homes

Wakefield

A selection of properties on Elm Tree Park in Wakefield, built by Keepmoat

For further information or to register your interest contact Homebuy@wdh.co.uk or call 0345 8 507 507.

Please note the dates of completion for the homes are a guide and may be subject to change.