Housing Options Guide 4a
4a. Shared ownership
Shared ownership is a scheme where you can part-buy and part-rent a property from a housing association. It is a form of low-cost home ownership that allows people to get started on the property ladder, even when they cannot afford to buy a home outright. Properties are normally built by housing associations specifically to help people get onto the property ladder.
Depending on how much income applicants have, they can purchase a share of 25%, 50% or 75% of the property with the housing association owning the remainder. An occupancy charge is made to cover the remaining share of the property. After the first year, there is an option to buy more of the share up to the maximum of 100%. As you buy more of the share of the property, your occupancy charge will reduce.
Before you can take part in the scheme your financial situation will be assessed. The housing association will look at your income, savings, and ability to secure a mortgage before they accept you onto the scheme.
Priority will be given to certain groups of people:
- First time buyers with limited housing choices
- Members or ex-members of the armed forces
- Widows/Widowers/Partners of service personnel for up to two years after their partner was killed in service
- Public sector tenants
- Families on low incomes
- People with disabilities
If you can afford to buy a house outright, you will not qualify.
Find out more about shared ownership on the Shelter Scotland website, or contact local housing associations that take part in the scheme. They will provide details of their available properties and give you an application form if you are eligible.
Grampian Housing Shared Ownership