The Right to Shared Ownership scheme allows some tenants to buy a share of their rented home on shared ownership terms. Only homes delivered under the Affordable Homes Programme 2021-26 are part of this. Only two of our development schemes are eligible and they are:
- Central Avenue, Northampton
- Stanley Street, Somercotes.
There are other criteria too. For example, you must have lived in your home for at least a year and lived in social or affordable housing for at least three years - this doesn't have to be all with Futures. We'd recommend reading government's guidance on this which gives all the details and eligibility criteria.
Click here to read 'Right to shared ownership: a guide for tenants'
Shared ownership explained
- When a home is for sale by shared ownership, it means you buy a 'share' of that home.
- The share is usually anywhere from 10% to 75% of the property's market value. You can pay for this as a cash buyer or through a mortgage, but either way this only needs to cover your share.
- You have to pay rent on the remaining share that you haven't bought. But this doesn't mean that you're a tenant or renting a home - if you buy through shared ownership, you're now officially a homeowner! You'll also have to pay a service charge.
- Taking out a lower mortgage also means the deposit you need is lower than buying traditionally.
For example, if a shared ownership home is for sale for £100,000 and you buy a share for 25%, your share price would be £25,000. If you buy with a mortgage, you'll need a minimum of a 5% deposit of your share price.
