Do You Pay Rent On Shared Ownership Homes?

Yes, you have to pay rent on the part of the property you do not own. The percentage of the home could be owned by a landlord, council, or housing association.

When thinking about buying a Shared Ownership home, it is important to be aware of the costs involved in the purchase of the property and the monthly costs in rent you will be expected to pay once you have moved into your new home.

Luckily for you, you have come to the right page. In this Accent Housing blog, we explain all things Shared Ownership homes and where you search to find the scheme within your area or a location you’d like to live.

What Is Shared Ownership?

Shared ownership schemes allow buyers who meet the eligibility criteria to secure a mortgage to buy a stake (usually between 25% and 75%) in a property while paying rent on the remaining share to the housing association or private developer that owns the building. The rent you pay on the remaining share is charged at a discounted rate (usually 2.75% of the property value per year).

Under the scheme, the cost of home ownership is made more affordable because you can start by buying as little as a 25% share in a property and your deposit can be 5% of the price of that share, rather than the whole property.

Am I Eligible To Buy A Shared Ownership Home?

There are some general eligibility requirements that anyone wishing to buy a Shared Ownership home must meet. The general eligibility criteria for Shared Ownership are as follows:

  • You must be at least 18 years old.
  • Outside of London, your annual household income must be less than £80,000.
  • In London, your annual household income must be less than £90,000.
  • Shared Ownership purchasers are often first-time buyers but if you do already own another home, you must be in the process of selling it.
  • You should not be able to afford to buy a home suitable for your housing needs on the open market.
  • You must show you are not in mortgage or rent arrears.
  • You must be able to demonstrate that you have a good credit history (no bad debts or County Court Judgements) and can afford the regular payments and costs involved in buying a home.

You should have savings or be able to easily access at least £4,000 to cover the costs of buying a home (this is a guideline figure – the actual amount may vary).

You will also need access to the deposit amount required. For Shared Ownership, this will usually be 5-10% of the equity share you are buying.

Is Shared Ownership Cheaper Than Renting?

Yes, you’ll pay less every month compared to regular renting. Because you purchase a set percentage of the shared ownership home you’re not paying in full every month. The initial fee upfront will be dearer but monthly it won’t. The deposit to purchase a percentage of the shared ownership home will be higher in comparison to the upfront fee of renting.

Depending on your deposit size and how much of the home you purchase will dictate the amount of rent you pay per calendar month.

Where Can I Buy A Shared Ownership Home?

Shared Ownership is a ‘part buy, part rent’ approach to owning your own home. The key advantages of Shared Ownership are that you generally pay less each month than you would privately renting or paying a traditional mortgage, and you still have the opportunity to own the entire property as your circumstances change.

Accent Housing currently have more than 20,000 homes spread across the North, East and South of the country. If you are looking to find out more information about buying an affordable home, get in touch with one of our team today. You can call us on 0345 678 0555 or send us an email at

Alternatively, if you need help to directly get on the property ladder contact our experienced property sales team Homemade to find out more.

You may be able to buy a home through a Shared Ownership scheme. Get in touch with our experienced property sales team Homemade to find out more.

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