Becoming a shared owner

Shared ownership is an affordable way to part-buy your own home if you are unable to purchase on the open market as you do not need a large mortgage or deposit.

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Becoming a shared owner

Shared ownership is an affordable way to part-buy your own home if you are unable to purchase on the open market as you do not need a large mortgage or deposit.

Shares usually start at 40 per cent and you then rent the remaining share from us at an affordable monthly rent.

We offer both new build and resale properties and you will have the same rights and responsibilities as any other homeowner.

You must be unable to afford to buy a home on the open market.
Your household income must be £80,000 or less a year.
You may be a first-time buyer or you may have previously owned a home, but cannot afford to buy one now.

With effect from 1 August 2024, the Government is making changes to the way we assess eligibility and affordability of applicants on grant funded developments. The changes regulate how we prioritise applicants and how we assess affordability. For more details read our:

Alternatively for more information, please contact us

To see if we have a property you would like, take a look at the homes we have available and register your interest at: I want to buy

Alternatively, you can contact us

Properties are reserved on a first-come, first-served basis, although military personnel will be given priority. We sometimes build in areas where there is a local connection requirement.

If you are accepted for a new-build shared ownership property, you will need to pay a reservation fee of £500.

We will then start the sale process by instructing solicitors and applying for your mortgage.

Our sales team will be on hand at all times to guide you through this process.

Shared ownership advice

Staircasing

Resales

Things to consider

Staircasing

You can buy more shares in your property from us when you can afford it - this is known as staircasing. The greater the share you buy, the less rent you pay.

Shares can be purchased in phases as small as 10 per cent.
Each time you buy you will have to use a solicitor, pay legal fees and a valuation will need be completed.
If you staircase to 100 per cent of the property’s value, you become the outright owner and you will no longer need to pay rent. There are some cases where staircasing is restricted to 80 per cent.

If you are already a Cottsway shared owner, and you would like more information about staircasing: Contact us

Resales

If you want to sell your share:

Contact us to arrange a valuation. This must be carried out by a RICS accredited chartered surveyor.
We will then advertise your home for 8 weeks (unless your lease states otherwise).
Applicants will be asked to complete an affordability questionnaire and, if they are successful, they will be provided with your contact details to arrange a viewing.
If after 8 weeks we cannot find a purchaser, we can continue to market your property for you, but you can also find a buyer yourself or use an estate agent. We will still need to approve the purchaser.
Administration charges apply.

For more information: Contact us

Things to consider

You will need to apply for a mortgage to pay for your share of a shared ownership home. Most major lenders deal with shared ownership mortgages.

Please be aware that you will need to:

Undergo affordability checks by the lender.
Provide a deposit.
Make sure you can afford all costs associated with home ownership, including mortgage fees, moving costs, stamp duty, insurance, repairs and maintenance.
If applicable, pay service charges

For more information see:

I want to buy

Shared owners