Government Schemes & The Application Process

Shared Ownership allows you to buy a share of a property (typically between 25% and 75%) from a housing association, and pay rent on the remaining share they retain. This significantly reduces the amount you need to borrow — and means you only need a deposit on the portion you're purchasing, not the full property price.

Over time, you can increase your ownership stake by buying additional shares from the housing association — a process known as staircasing. You can do this by borrowing more from your mortgage lender or by making a cash payment. Eventually, you can staircase to 100% ownership.

Your monthly costs under Shared Ownership include both a mortgage payment (on your share) and a rent payment (on the housing association's share) — but the total is often lower than a full market rent, and you're building equity in the property.

The Help to Buy Equity Loan scheme was designed for first-time buyers purchasing a new build home. Under the scheme, the government lent buyers up to 20% of the property value (40% in London) as an equity loan, meaning you only needed a 5% deposit and a 75% mortgage.

While the original scheme has closed, the government continues to introduce new affordability initiatives. Your adviser will always inform you of any current schemes relevant to your situation.