Shared ownership is another way to buy a home without having to fund all of it. You can choose how much of the property you want to purchase and we own the rest.
When you buy a shared property you can choose the size of the initial share in the property (usually 25, 50 or 75%) and pay a monthly occupancy payment on the remaining share owned by Link.
After you have owned your share for 12 months you will then have the opportunity to purchase further 25% shares or the remainder of the property. The occupancy charge reduces as you increase your share of the property.
Who is eligible?
Applicants normally need a household income of at least £15,000 a year to be considered for shared ownership. Link will undertake an assessment to ensure that your monthly housing costs do not exceed 40% of your net monthly income.
You don't have to be a first-time buyer to purchase a shared ownership property, but you cannot already own a home. The property should be your main residency from the day you take ownership.
Priority is normally given to:
- first-time buyers
- people living in rented accommodation
- people who have experienced relationship breakdown
- people who cannot meet their housing needs on the open market
Shared ownership properties are not suitable for buy to rent purchasers.
Shared ownership for disabled people
Horizon, Housing Options Scotland and Link developed a shared ownership scheme called Access Ownership to help disabled people own a home which meets their needs
The scheme is open to people with any disability, including physical impairment, learning difficulties or mental health issues, and is available to those who are looking to buy a more suitable home and to those who own a property but need to reduce their financial commitments.
This scheme is different from traditional shared ownership. You can own any percentage of the home providing this is at least 25% of its value, and Horizon owns the rest. You then pay an occupancy charge to Horizon for the percentage of the property that remains in Horizon’s ownership.