If you’re looking to buy a home of your own in Swindon or Wiltshire but can’t quite afford the price, shared ownership schemes may be able to help. This website is a general guide to how shared ownership works. The individual associations running the various schemes will be able to provide you with more detailed guidance relating to their specific options.

What is shared ownership?
Shared ownership was introduced to help people who cannot afford to buy a home outright or struggling to raise the required deposit in the current financial climate. Through shared ownership you buy a share of your new property and pay a rent on the remaining share. Gradually you may buy further shares and eventually own your home outright. This website is designed to give you information about the shared ownership schemes available in Swindon and Wiltshire.

How are the schemes run?
They are run by non-profit making organisations that provide and manage homes for rent and sale for people who cannot afford to buy outright. Most provide housing with the help of public money given by the Housing Corporation or a local authority; in some cases they may provide housing using their own money.

What is the Housing Corporation?
The Housing Corporation was set up by Parliament in 1964. There job is to fund homes built from money they get from central government. They also make sure that the money is well spent and provides good quality homes and services for residents.

Who can buy through the shared ownership scheme?
The scheme is intended for people who cannot afford to buy a suitable home in any other way. They must be in housing need and be unable to afford outright purchase. Priority will normally be given to existing public sector tenants.

Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. You are advised to ask your legal adviser if there are any terms you do not understand.

Can I buy a shared ownership home with someone else?
Up to four people can become joint owners but all joint applicants must individually and jointly meet the eligibility criteria. Ask your solicitor/licensed conveyancer to advise you.

What kind of property can I buy through shared ownership?
Shared ownership homes may be new or renovated flats and houses, prices vary according to location but are expected to be within the means of those people who cannot afford the prices of properties available for sale on the open market.

How does shared ownership work?
The scheme allows you to purchase a share of a property; the share you purchase is funded by a mortgage which we can help you arrange through one of our approved Financial Advisors and you then pay rent on the remaining share. The size of the share to be purchased will depend on your income and savings, applicants normally purchase a 50% share but you may purchase a smaller or larger share between 25% and 75%. The higher the share you purchase the less rent you will have to pay. Later on, you can buy further shares until you own the property outright.

Remember that house prices can go up or down. This means that sometimes you might pay more for buying additional shares or have to sell at a price less than you originally paid.

Key Points
• You will only need to secure a mortgage between 25% and 75% of the purchase price.
• Monthly costs can be up to 50% less than buying a property outright.
• First time buyers with a household income of less than £60k should be eligible for a Part Rent Part Buy scheme.
• Shared ownership schemes are available in many areas of Swindon and Wiltshire.
• As your income increases, you can choose to buy a greater percentage of the property.
• Each scheme is completely different.

Your new property could be a penthouse apartment, 1 bed apartment, 2 bed coach house or maybe a 5 bedroom house.