Shared Ownership is becoming an increasingly popular solution for affordable homeownership. As more people show interest in the scheme, we’ve noticed growing curiosity about how it actually works. To clear things up, we've taken time during Shared Ownership Week to debunk common myths that might be holding potential buyers back.
Here’s a deeper look at what you can expect from Shared Ownership and how it can be the key to securing your dream home.
1. It’s Their Fur-Ever Home Too
One persistent myth we’ve heard is that Shared Ownership homes don’t allow pets. Let’s put that one to rest—your furry friends can absolutely come along on your homeownership journey! At Platform, we know pets are family, and we’re proud to welcome responsible pet owners into our communities. Whether you’ve got a playful pup or a curious cat, we’re committed to helping you find a home that suits the whole family.
2. A Smart Choice, Not Just for First-Timers
Shared Ownership is often seen as a pathway for first-time buyers, but it’s much more versatile than that. Whether you're stepping onto the property ladder for the first time, selling your current home, or even looking to downsize or upsize, Shared Ownership could be the perfect option.
If your household income is under £80,000 (or £90,000 in London), and you're finding it hard to save for a full deposit or get approved for a mortgage on the open market, Shared Ownership can offer a more accessible route to homeownership. It’s not just for first-time buyers—it’s for everyone looking for a flexible, affordable way to own their home.
3. Your Home, Your Style
Personalisation is key when it comes to making a house feel like home, and Shared Ownership is no exception. You have the freedom to decorate your new space just the way you want—paint the walls, update the kitchen, or give the bathroom a fresh look. As long as there are no major structural changes involved, the possibilities are endless.
Shared Ownership gives you all the perks of homeownership, including the chance to design your space exactly as you envision it.
4. A Smaller Deposit, A Bigger Opportunity
One of the biggest misconceptions about Shared Ownership is around the costs, particularly the combination of paying both a mortgage and rent. However, there’s a major advantage—you're only paying a mortgage on the share of the home you own, while the rent on the remaining portion is typically below market value.
In many cases, your monthly outgoings could be less than if you were renting privately. Plus, as you "staircase" (buy more shares of your home), your mortgage payments will rise, but your rent will decrease. It’s a smart and flexible way to make homeownership more affordable!
5. Start With a Share, Build to Total Ownership
Did you know you can eventually own 100% of your Shared Ownership home? It’s called staircasing—a flexible option that lets you gradually buy more shares in your property over time. Many people think that once you're in a Shared Ownership home, you’ll never fully own it, but that’s simply not true!
With staircasing, you can work toward owning your home entirely at your own pace. If this is something you’re interested in, our team is ready to walk you through the process and help you take the next steps toward full ownership.
6. Always in Demand
Worried about selling your Shared Ownership home in the future? Fear not—affordable housing is always in high demand. The market is filled with eager buyers looking to get their first step onto the property ladder, so if the time comes to move on, you won’t have trouble finding a buyer.
Our dedicated Resales team will be with you every step of the way, making the selling process smooth and easy.
7. Home Sweet Loan
Getting a mortgage for a Shared Ownership property is often easier than you might think. The process is similar to a traditional mortgage, with checks based on your income, expenses, credit score, and deposit. Many major banks and specialised lenders offer Shared Ownership mortgages, so you have plenty of options to explore.
Curious about what your mortgage could look like? Try our mortgage calculator to get an estimate and see how affordable homeownership could be for you.
Shared Ownership offers flexibility, affordability, and a real opportunity to get onto the property ladder, no matter your circumstances. If you’re interested in learning more or have any questions, our team is always here to help guide you through the process!
