Mythbusters: Shared Ownership is only available for first-time buyers

When most people hear about Shared Ownership, they often think it’s a scheme exclusively designed for first-time buyers. And while it’s true that many first-time buyers use it to get on the property ladder, Shared Ownership is not limited to them. In fact, according to government data, 1 in 5 shared ownership buyers are not first time buyers, with 28% of those being aged over 40!

This just shows that the scheme is open to a wide range of people, whether you’re buying your first home, downsizing, or looking for a place to settle down in long-term. Let’s dive into how Shared Ownership works and why it’s an option for more than just first-time buyers.

What is Shared Ownership?

Shared Ownership is an affordable homeownership scheme where you buy a portion of a property and pay rent on the part you don’t own. The percentage you buy is typically between 10% and 75%, which means a smaller mortgage and deposit than if you were to buy outright.

This can be a great opportunity for people who might otherwise struggle to afford a home, but it’s not just limited to first-timers. Shared Ownership is open to anyone who meets the eligibility criteria, and it’s a flexible solution for various types of buyers.

Contrary to popular belief, Shared Ownership isn’t exclusively for first-time buyers. It’s a scheme designed to help a broad range of people, including those who’ve owned a home before. Maybe you need to relocate for work, downsize, or move into a home that better suits your lifestyle—Shared Ownership can help.

The scheme is even flexible enough for those who are looking for a long-term, “forever home.” Through staircasing (buying more shares in your home), you can eventually own 100% of the property, turning it into a permanent asset.

Who’s Eligible for Shared Ownership?

Eligibility for Shared Ownership depends on a few criteria. These include income thresholds and affordability checks, but they don’t exclude people based on whether or not they’ve owned a home before. At the time of writing, the basic criteria are:

It’s important to always check the most up-to-date eligibility criteria, which you can find on our dedicated eligibility page.

Who Can Benefit from Shared Ownership?

Shared Ownership is designed to help a variety of buyers at different life stages:

Take, for example, a family who needs to move closer to good schools or an individual relocating for a new job—Shared Ownership provides a manageable path to owning their next home without the financial strain of buying outright.

Take a look at Sharetobuy.com’s information hub which has a huge range of myth busting and customer insights, and find out for yourself just who is benefitting from this affordable home ownership option.

Why This Myth Exists

This misconception may have come from how Shared Ownership has traditionally been marketed, often focusing on helping first-time buyers. However, the scheme has evolved and become more inclusive over time, helping a much broader range of people achieve homeownership.

In reality, Shared Ownership is open to a variety of people. Want to explore whether Shared Ownership is the right fit for you? Get in touch with us today to learn more about how this affordable pathway can help you on your homeownership journey!