If you’ve heard about "part‑buy part‑rent" and wonder if it could get you a house sooner, you’re in the right place. Shared ownership lets you buy a slice of a property – usually between 25% and 75% – and rent the rest from a housing association. You pay mortgage on the share you own and rent on the remainder, which keeps monthly costs lower than a full mortgage.
Most schemes target first‑time buyers, people on low‑to‑moderate incomes, or anyone who can’t afford a full deposit. You’ll need a steady income, a decent credit score, and usually a deposit of at least 5% of the share you want to buy. The housing association will run a affordability test, so be ready with payslips, bank statements and proof of any other property you own.
When you buy a share, the remaining part stays with the housing association. You pay rent on that part, which is often lower than market rent because the association isn’t looking to make a profit. Over time, you can increase your share – a process called "staircasing". Each time you staircase, you pay a lump sum plus new mortgage payments for the larger share, and your rent goes down. You can staircase in increments as small as 1%, so you control the pace and cost.
When it’s time to sell, you can sell your share back to the association or on the open market. The price is based on the current market value of the whole property, multiplied by the share you own. Keep in mind that you may need the association’s permission and could face service charges on top of rent and mortgage.
1. Check the total cost. Add up mortgage, rent, service charges and any maintenance fees. Compare that total to a regular mortgage on a similar home. Sometimes the rent and fees can eat into the savings.
2. Look at staircasing costs. Some associations charge a fee for each staircase step. Ask for a clear breakdown before you sign.
3. Get a professional valuation. Even though the association will value the property, an independent survey can spot hidden problems that could cost you later.
4. Plan your finances. Make sure you have a buffer for unexpected repairs or changes in interest rates. A small emergency fund can save you stress.
5. Read the lease carefully. The lease will spell out your rights, responsibilities and any restrictions – like subletting or making big alterations.
Shared ownership isn’t a one‑size‑fits‑all solution, but for many it’s a realistic way to get on the property ladder. It gives you a foothold, the chance to build equity, and the flexibility to increase your stake when you’re ready.
If you’re curious, start by browsing listings on reputable housing association sites or talk to a local mortgage adviser who knows shared ownership. Ask lots of questions – the more you know, the better you’ll decide if this path fits your life plan.
