Personal Premier Business Wealth Management Corporate Log In Search Menu Shared ownership mortgages Buy a share of a home and pay rent on the rest When you part-buy, part-rent a home through shared ownership, you can apply for a smaller mortgage amount – so your deposit could be lower, too. Your home may be repossessed if you do not keep up repayments on your mortgage. How does part-rent, part-buy work? It means buying a share of a home from a housing association and paying rent on the rest – that’s why it’s called shared ownership The property is bought from a housing association, arranged by a local Help to Buy agent You buy between 25% and 75% of the property from a housing association Then you take out a mortgage for your share and pay rent on the remainder to the housing association You can buy a larger share later at a price based on the value of the property at the time Who’s eligible for shared ownership? To apply for a mortgage with us through a shared ownership scheme, your combined income has to be less than £80,000 if you live outside of London, and less than £90,000 if you live inside London. You also need to Be a first-time buyer, or have owned a home Plan to live in the property and not rent out any part of it Have the permanent right to live in the UK How to get started with shared ownership To buy a home through a shared ownership scheme, you’ll need to contact the Help to Buy agent in the area you want to live. The following pages explain everything you need to know for the country you’re buying a property in. England (London): Share to Buy England (outside London): Help to Buy Northern Ireland: Co-ownership Scotland: Shared ownership Wales: Shared ownership More questions about shared ownership Can I part-buy, part-rent any property? You can’t part-buy, part-rent any property – it has to be a property managed by a housing association, which you can find through a local Help to Buy agent. What deposit do I need for a shared ownership mortgage? A deposit for a shared ownership mortgage is typically between 5% and 10% of the value of the share you’re buying – not the full purchase price. For example, if you planned to buy a 50% share of a property worth £300,000, the value of your share would be £150,000. So you’d need £15,000 for a 10% deposit or £7,500 for a 5% deposit. How much is rent on part rent part buy? The rent element of a part-buy, part-rent arrangement varies on the property price and the share you want to buy. It’s typically around 3% of the value the housing association owns. For example, if you bought 50% of a £300,000 property, you could be asked to pay yearly rent of about 3% of £150,000 – which is £4,500 a year, or £375 a month. How to apply If you’ve already been in touch with your local Help to Buy agent, book an appointment with one of our mortgage advisers. Call us Whether you’re a borrower or a helper, get started by calling 0333 202 7580 to book an appointment. Lines are open 8am to 8pm, every day. To maintain a quality service, we may monitor and record phone calls. Call charges. Visit a branch Find a branch near you that offers appointments with mortgage advisers and see when we’re open. Find a branch More ways to buy your home Family Springboard Mortgage Buy your home with help from a loved one Saving for your first home isn’t easy – now family and friends can help with the deposit. Family Springboard Help to Buy equity loans Top up your deposit with an equity loan With a Help to Buy equity loan, you can add to your deposit on a new-build property, whether you’re a first-time buyer or buying a new home. Equity loans Joint and guarantor mortgages Buying property with other people Buying property with your partner, family or friends can make sense, as long as you weigh up the benefits and risks of taking out a joint or guarantor mortgage. Joint mortgages Need some help? Chat to us online Start a web chat if you have a question about applying (we can’t give advice about choosing a mortgage during web chats). Start web chat Visit a branch Find a branch near you that offers appointments with mortgage advisers and see when we’re open. 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