What is Shared Ownership?
Whether you’re a first-time buyer, a growing family, or looking to downsize, Shared Ownership offers a more accessible and affordable route to owning your own home.
With Shared Ownership, you buy a percentage of a property and pay rent on the remaining share. Because you only buy what you can afford, youโll typically need a smaller deposit and mortgage than buying outright.
- For first-time buyers and renters – With deposits often from just 5%, you could step onto the property ladder sooner than you expected.
- For growing families – Move into a home that suits your needs now, while staying within your budget.
- For those looking to downsize – Enjoy a more manageable home and costs with added peace of mind.
Weโre here to support you at every stage, helping you find a home that works for you both now and in the future.
Is Shared Ownership right for you?
We partner with you to make home ownership more affordable. You purchase a share you can afford, and we support the rest; making it easier to buy a home without the need for a large deposit or mortgage.
Shared Ownership may be suitable if:
- You are aged 18 or over and live in the UK.
- Your household income is ยฃ80,000 a year or less.
- You cannot afford to buy a suitable home on the open market without assistance.
- You can afford and sustain the costs of buying and living in the home, including mortgage, rent, and other household costs.
- You are a first-time buyer, a former homeowner, an existing shared owner looking to move, or a homeowner who needs to move but cannot afford a suitable home.
- If you already own a home, it must be sold on or before completion.
- You are not in rent or mortgage arrears or in breach of a tenancy agreement at the point of application.
Some homes may have additional criteria, such as local connection or planning requirements. These will always be shown on the property listing.
How does Shared Ownership work?
You buy a share of your homeโs full market value and pay rent on the share you donโt own.
- The minimum share varies by home (not all start at 10%).
- Youโll complete an affordability assessment to determine a suitable share.
- Youโll be encouraged to purchase the largest share you can comfortably afford, without overstretching financially.
Youโll also pay other costs where applicable, including:
- Service charge or estate charge
- Buildings insurance
- Management fees or reserve fund contributions
All costs will be clearly set out in your Key Information Documents.
Affordability and choosing your share
Before you can buy, youโll complete an affordability assessment with a qualified mortgage or financial adviser.
They will review:
- Your income and savings
- Financial commitments
- Expected housing costs
This ensures your purchase is both affordable and sustainable. The assessment determines the share you can comfortably buy, helping you make a confident and informed decision.
How we allocate Shared Ownership homes
Homes are allocated on a first-come, first-served basis to applicants who meet eligibility and affordability requirements.
For eastbrooke homes, this is based on when we (or our appointed agent) receive:
- Your completed application form, and
- Your initial financial assessment
Due to high demand, listings may close once enough applications are received.
- Eligible Armed Forces applicants may be prioritised
- Some homes may have additional requirements (e.g. Section 106 or local criteria)
These details will always be outlined clearly in the property listing.
Key information documents
Before reserving a home, youโll receive Key Information Documents to help you fully understand your purchase.
These include:
- Key information about the home
- Summary of costs
- Key information about Shared Ownership
We strongly recommend reviewing these carefully and speaking with independent legal and financial advisers.
Can I sublet my Shared Ownership home?
You can rent out a room if:
- You continue to live in the home as your main residence
You cannot sublet the entire property unless:
- You own 100%, or
- You have written permission from eastbrooke homes (only granted in exceptional cases)
Youโll also need your lenderโs consent if you have a mortgage.
Repairs and maintenance
As a shared owner, youโre responsible for maintaining your home.
For new homes:
- There is usually a 10-year repairs period (while you own less than 100%)
- Qualifying structural and external repairs are not recharged via the service charge
- You may be able to claim up to ยฃ500 per year towards certain essential internal repairs
Your lease and Key Information Documents will explain the details.
Selling your Shared Ownership home
If you sell before owning 100%, youโll usually need to offer the property back first. This is called the nomination period.
- Typically lasts 4 weeks for new model leases
- Weโll try to find a buyer during this time
- Afterward, you may sell on the open market (subject to your lease)
More information on Shared Ownership
Ready to take the next step?
Weโd love to help you find your new home.
Register your interest today or speak to our team to explore your options.