5 Myths about Shared Ownership

Myth 1: You share your home with someone else

You don’t have to share your stylish new home with anyone! The ‘shared’ element refers to the ownership structure, not the living arrangement. When you buy through Shared Ownership, you purchase a percentage of the property and the remaining share is owned by the housing provider, like Square Roots.

You live in the home as the sole occupier (or with your household), just as you would in any other apartment. There are no additional housemates and no shared schedules. In day-to-day life, it functions like a standard leasehold propert

Myth 2: It's only for first-time buyers

While many Shared Ownership buyers are first-time buyers, the scheme is not exclusively limited to them.

Eligibility is based on income thresholds and housing need rather than buyer status alone. In London, the current household income cap is £90,000. You may qualify if you cannot afford to buy a suitable home on the open market, even if you've owned one previously.

As with any scheme, it’s important to carefully check the eligibility criteria before applying.

Myth 3: You can't make the home your own

Because you part-rent the property, it’s natural to assume there could be restrictions on decorating or making changes.

In reality, Shared Ownership homes are your home, meaning you can decorate to your heart’s desire. Structural alterations may require permission, so it’s worth reviewing lease terms carefully so you understand your rights and responsibilities from the outset.

Myth 4: You Can’t Fully Own Your Property

Shared Ownership is designed to make full homeownership accessible, helping first-time buyers place a deposit on their property. When you’re ready, you can grow the share you own in your home through a process called staircasing.

What is Staircasing?

Staircasing is where you buy additional shares in your property over time until you own 100% of the property. For example, if you started with a 25% share in your home and paid rent on the remainder, you could later buy another 25% share and own a total 50% share in your apartment. 

Find out about the steps to staircasing your Shared Ownership property with Square Roots. 

Myth 5: You Can’t Get a Mortgage for Shared Ownership Homes

Most mortgage providers lend to Shared Ownership buyers, the same as if you were buying on the open market. What’s important is to show you can afford your mortgage payments through your financial history. Mortgage lending is determined using an affordability calculator that considers everything from deposit size and income to outgoings and credit rating.