When an existing shared ownership (part buy / part rent) property becomes available for resale, you can buy the share from the current owner. You can buy the share that is for sale (or more if you can afford it), between 25% and 75% of the property’s market value, and pay us a subsidised rent on the remaining share.
You will generally purchase your share by having a small deposit (5% of the share you buy or more) and raising a mortgage on the rest. We are sometimes able to help previous home owners who have equity from the sale of a previous property. Over time, you can usually buy more shares until you own 100% of the property.
A simple guide to buying a resale property
As well as brand new properties, the shared ownership (part buy / part rent) option is available for properties which have previously been lived in. These properties – called resales – were once new but the owner has decided to move on and they are now selling their share to someone like you. Resales are really popular route to home ownership, and could be a great option for you. This guide will explain how to go about securing your resale home: