Shared Ownership

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What Is Shared Ownership?

Shared ownership is a Government backed scheme which aims to help people get onto the property ladder.
This scheme enables first time buyers or those who don’t currently own their own home to make the first step towards buying a property that they could not afford otherwise.

With shared ownership, you buy a percentage of your new home and pay rent on the rest.
Under the new shared ownership model, you are able to purchase a minimum of 10% to a maximum of 75% of the property value.
You can then purchase a larger share of the property up until 100% at a later date, this is referred to as "staircasing”.

The primary advantage of shared ownership is property purchases are more affordable, lower deposits are needed to get onto the property ladder.

East Suffolk Council currently own a small number of shared ownership properties, with plans to build more.

Find more about our current housing development projects

You can apply to purchase a shared ownership property if both of the below apply:

Household income is £80,000 or less.
Cannot afford all of the deposit and mortgage payments to buy a home that meets your needs.
Have a minimum of 5% deposit of the percentage you wish to purchase.

One of the following statements must also be true:

You are a first-time buyer.
You used to own a home but cannot afford to buy one now.
You are forming a new household - for example, after a relationship breakdown.
You are an existing shared owner, and you want to move.
You own a home and want to move but cannot afford to buy a new home for your needs.

More Information on shared ownership

Already a Shared Ownership Owner?

Below are some links to useful information.

If you have any further queries, please contact our Housing Property Team.

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