Shared ownership offers first-time buyers or non-homeowners, who can’t afford to buy a property on the open market, an opportunity to own their own home. Through shared ownership a property is offered for sale on a part buy/part rent basis. You can own between 25% and 75% shares of a property, usually purchasing your share with a mortgage, and renting the remaining share from your landlord, in this case us, Colne.
Under the shared ownership terms, you will be offered the maximum percentage you can afford and over time, as you are able to afford to do so, you can buy further shares in the property and in most cases increase to full ownership, this is known as staircasing. You don’t have to staircase if you don’t want to and no time limits are set by Colne for staircasing.