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What is shared ownership?

Buying your first home is an exciting time. But getting your foot on the property ladder can be expensive.

That’s where shared ownership comes in. Shared ownership is a way of owning your own home by sharing the financial commitment with a housing association. It helps people across the UK who might not quite be able to afford the mortgage on 100% of a home right now and gives them the option to work towards owning more over time.

Applying for a shared ownership mortgage

Virgin Money shared ownership mortgages are only available through a mortgage broker. And there are lots out there. So shop around and ask friends who’ve moved for recommendations to find a broker you’re happy with.

How it works

  1.  

    Register for shared ownership with a housing association.

  2.  

    Passed the checks? You’ll be shortlisted for a property.

  3.  

    Take out a mortgage to buy a share in your new home - between 25% and 75% of its value. Find a mortgage broker to apply with us.

  4.  

    You pay the housing association rent on their share.

Already got a shared ownership mortgage?

You might be able to borrow more to buy a bigger share of your home. This is called ‘Staircasing’. It means you’ll own more of your home and pay less rent to your housing association.

How to borrow more on your shared ownership mortgage

Don’t risk losing your home – keep up those mortgage repayments

Facts on shared ownership

Visit gov.uk to learn more about shared ownership.

Get started

Visit gov.uk to find out how to apply for a shared ownership home near you.

How to get started

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