Shared ownership is another way to buy a home without having to fund all of it. You purchase a share and we own the rest.
Shared Ownership allows you to buy a share of the property and pay a monthly Occupancy Charge on the remainder to Link Housing. The initial share purchased depends on the percentage share being sold by the existing shared owner (25, 50 or 75%).
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 when further shares are purchased and your share in the property increases.
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 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 shared ownership property must be your sole and primary residence from the day you take ownership
Shared ownership properties are not suitable for buy to rent purchasers.
Shared ownership for people with disabilities
Horizon, Housing Options Scotland and Link developed a shared ownership scheme called Access Ownership to help people with disabilities own a home which meets their needs.
The scheme is open to people with any disability, including physical impairment, learning difficulties or mental health support needs, 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.
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