How does it work?
Shared ownership schemes (part buy/part rent) are provided through housing associations. You buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. You can buy bigger shares at a later stage when you can afford to.
With shared ownership you can buy a newly built home or an existing one through resale programmes from housing associations.
Am I eligible?
Shared ownership properties are always leasehold and you can buy a home this way if:
- Your household earns £80,000 a year or less (in London this is £90,000)
- You’re a first-time buyer (or you used to own a home, but can’t afford to buy one now)
Please note that for Shared Ownership, Teachers Building Society can consider applications on the basis of:
- Permanent employed income only
- No other properties owned by applicant(s)
- Mortgage must be repaid by retirement
- If remortgaging, applicant(s) can only raise additional borrowing for staircasing (buying an additional share of the property)
How do I proceed?
If you are in the UK you need to contact your local Help to Buy Agent for more information about eligible properties. Your mortgage application will be subject to credit referencing, underwriting and a property valuation. Visit: www.helptobuy.org.uk for more information and to find your local agent.
Shared Ownership Mortgages from Teachers
Our Shared Ownership mortgage is available to education professionals across the UK as well as individuals of any profession looking to purchase a property in Wessex (Dorset, Hampshire and Wiltshire).
If you would like information on the Government Help to Buy Scheme click here.