With a shared ownership property, you buy an initial share of 50% in your new home using a mortgage or other funds. You will then pay rent on the remaining share to Progress Housing Group with the option to purchase up to 100% of the property over any period of time; this is called staircasing.

Deposit and mortgages

Shared ownership enables you to buy a share in your new home depending on what you can afford; this means you can get a smaller mortgage to buy the property and will require a smaller deposit.

Rent and service charge

There will be rent and service charge applicable on the remaining share 

Buying more shares in the property

When you buy more shares in the property this is known as staircasing. As you buy more shares you will pay less rent but service charges and ground rent may still be payable even when you own 100% of the property.

If you want to buy more shares in your home then the cost of the share will depend on the market value at that time.

If your property value has increased then you will pay more for any additional share and similarly, if property prices have fallen you will pay less.

Selling your home

You can sell your home at any time. You must inform us of your intention to sell and we must confirm our agreement to your placing the property on the open market.

You will benefit from any increase in the property value relevant to the share you currently own.

How do I apply?
  1. View the properties we have available using our property search
  2. Select the one you are interested in
  3. The application process is explained on each property

Now you know how it works, check to see if you're eligible...