What is Shared Ownership?
Shared ownership is where a property is offered for sale on a part buy/part rent basis. You buy a share of the property, usually with a mortgage, and you rent the remaining unsold share from your landlord, in this case us, Colne.
Over time, as you are able to afford to do so, you can buy further shares in the property increasing to full ownership as and when your finances allow, 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. Usually you would buy up to a 50% share from us in the first instance.