Shared ownership: buying a share of a home — how it works and the catches
Shared ownership is a way to buy a home when you cannot afford a full mortgage: you buy a share of the property (usually 25% to 75%, sometimes from 10%) and pay rent on the rest to a housing association or developer. You can buy more shares later. Here is who qualifies, what the costs are and what to know in advance.
The bank's valuation is not a survey: the three survey levels when buying in the UK
Many buyers in the UK think that because the bank sent a valuer, the house has been checked. It has not: a mortgage valuation is done for the lender — to confirm the home is worth what is lent — not for you and not about its condition. Condition is checked by a survey, and under the RICS standard there are three levels: 1, 2 and 3. Here is how they differ and which to choose.
Right to Buy: a discount of up to 70% — but only £16,000 in most of London
A council tenant can buy their home at a 35–70% discount. But since 21 November 2024 the cash cap has been cut hard: £16,000 across most of London, £38,000 in the South East.
Your First Home: buy your first home in England with a 2.5% deposit and a 20% government loan
The government has announced a new scheme for first-time buyers — Your First Home: a deposit from 2.5%, topped up by a government-backed equity loan of up to 20% of a new-build's price, with an initial interest-free period. Compared with a 95% mortgage that could mean saving hundreds of pounds a month. Income and price caps will be set at the Budget on 28 October.