What is shared ownership?
Shared ownership is an affordable home ownership scheme set up by the government to help people become homeowners if they cannot afford to buy a property on the open market.
The scheme enables you to buy a share of a property and pay rent on the share retained by Plymouth Community Homes.
The shared ownership scheme allows you to buy a share of between 25 and 75 % of the full property value however we generally market our homes from 40% as this is a good level to buy.
The bigger the share that you purchase the less rent you will pay on the remaining share.
You’ll need a deposit of between 5% and 20% of the share you are buying and will need to get a mortgage for the remainder of the share you purchase.
The property will be leasehold and you will be offered a 125 year lease for new build properties. If you purchase a re-sale property you will be buying the remaining term of the lease. Normally Plymouth Community Homes will remain the freeholder of the property.
For more information please read our Guide to Shared Ownership.