What is it?
- When you buy a share of your home and rent the other share. A housing association usually owns the other share. You can buy as much of the home as you want. The smallest amount you can buy is a quarter of the total value of the home.
- You can buy a share of your home by getting a loan from a bank or building society. Or you can pay for it with cash or savings.
- Loan - a sum of money borrowed from a bank or building society. You have to pay the money back over a fixed number of months or years, and pay an extra cost called interest.
You may be able to use Income Support to pay interest on your loan. And you may be able to get Housing Benefit to pay rent on the share of the home you do not own.
- Housing benefit as change; you must get up to date information at the time of applying on what housing benefit you may be entitled to.
Who can apply?
- Anyone can apply.
- Council and housing association tenants and local people on the Housing Register are given the first chance to buy shared ownership homes.
- You can only qualify for shared ownership if you can afford to buy a share of the home you would like to live in.
Want to find out more?
Metropolitan Home Ownership run the shared ownership schemes in Islington.