Shared Ownership

It is becoming increasingly difficult for first time buyers to get onto the property ladder; with the shared ownership scheme it provides first time buyers the opportunity to save an achievable level of deposit so that they can purchase their first home! Shared ownership is often referred to as Part Buy Part Rent.

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With this scheme it gives first time buyers the chance to purchase a percentage of a new build property and rent the remaining share from the relevant housing association.

Initially the percentage purchased can be anything from 25% – 75%. The remaining share you will pay rent for, the bigger the share purchased the less rent you will need to pay. When you can afford to do so you will be able to buy more shares in the property until you own your home outright, this process is known as ‘staircasing’. If you already own a shared ownership property and would like to purchase more shares within your property, get in contact with an adviser at Open Vision Finance to arrange an appointment.

Open Vision Finance specialise in the house buying process and have had a lot of experience arranging shared ownership mortgages, particularly on the new Kings Down Development in Bridgwater – Somerset, so we will be there to support you every step of the way, making that first step onto the property ladder much simpler, providing a total moving experience.


The shared ownership scheme is a government backed scheme and there are specific criteria and eligibility rules which determine whether you are able to benefit from this scheme.

Applicants must meet the following criteria: –

  • Household income must be below £60,000 per annum (check with your local agents, as different areas in the UK have different thresholds).
  • No adverse credit history and you must be able to afford the rent and mortgage payments, which is demonstrated through the housing schemes calculators.
  • You must not be in rent arrears or in breach of any tenancy agreement at the time of your application.
  • You must not already be a homeowner in the UK.

This list is not exhaustive and you should contact your local housing scheme to run through the eligibility application.


In order to purchase your first home you will need a deposit, usually at least 10% of your share being purchased. There is currently a lender who enables you to purchase via the shared ownership scheme with just 5% deposit of the share being purchased!

The level of deposit you have will determine the rate which will be available to you.  The larger the deposit, the better the rate and the lower the mortgage payments! ☺

Other Fees

As well as the deposit funds you will need to remember all of the other fees involved with purchasing a home such as; the mortgage arrangement costs, a survey fee, the legal fees, stamp duty land tax (the stamp duty is not often payable while the smaller shares are being purchased as it falls under the threshold bracket, however when the shares owned increases and the price goes over the threshold the stamp duty land tax will become payable).  For a full list of purchasing fees visit our fees to remember page.

Arranging the mortgage

Once you have found the perfect shared ownership property and had an offer accepted you would need to contact us to arrange the mortgage. All of our advisers at Open Vision Finance have access to the entire mortgage market, with our knowledge and expertise we will be able to recommend the best lender and rate available to you.

We will discuss with you all aspects of the mortgage including how to repay the loan and over what term, what type of rates you have access to and different types of mortgages which may be available to you. Visit our mortgages in more detail page or get in contact with an adviser at Open Vision Finance to arrange an appointment.

Arranging the protection

When you take out a mortgage commitment and purchase a property it is important to have in place protection for those dreaded occasional circumstances. This can include any of the following; life and critical illness cover, income protection, buildings and contents insurance or accident and sickness cover.

Open Vision Finance can help you arrange all insurances in conjunction with your mortgage application, which will give you one less thing to worry about.

Legal Work

As part of the house buying process you will need to instruct a Solicitor to deal with all of the legal aspects of your purchase. Open Vision Finance understand that it is extremely important to instruct the right professionals to assist with the conveyancing, as it is likely to be your biggest investment.

Open Vision Finance have built various relationships with a small handful of Solicitor firms, all of which we are confident in recommending to our clients, friends and family for their conveyancing needs and they are familiar with the shared ownership scheme. Clients who have used our recommended Solicitors have confirmed they have been exceptionally pleased with their services and had complete confidence in them throughout the legal process due to their knowledge, expertise and experience.

For a free no obligation conveyancing quote please complete this online form. Request conveyancing quote


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