Shared Ownership means you buy a share of a home, say 50%, and pay a rent to Riverside on the part we still own.
The property is yours, much like any other home owner. In most cases you’ve got the option to buy more shares from us, as and when you can afford to and eventually own 100% of your home.
Because you’re buying a percentage, the mortgage you need is lower. That makes the deposit you need lower too. With a reduced rent on our share, it makes the whole thing more affordable than buying outright.
Read our Shared Ownership Buying Guide for all the details.
Am I eligible?
Shared Ownership is a government supported way into home ownership. There are some criteria you’ll have to meet, but you’re likely to qualify if you’re:
- a first time buyer
- looking to buy a new home after a relationship breakdown
- buying a home more suitable for your health needs
- the monthly costs are less than 45% of your take home income each month
- your household income is under £80,000 a year.
What type of homes are available?
We have houses, apartments, bungalows and homes specifically for people aged 55 and over, all around the country.
- Brand new homes
We build and sell new homes. Search our new developments to see what’s available now and coming soon.
- Resale homes
You can also buy the share of a home from one of our existing shared owners. They’ll usually advertise their share for sale with an estate agent, so keep a look out for shared ownership homes in the area you’re interested in.
How does it work?
Shared owners hold their share of their home through a lease with us, so you’ll become a leaseholder with Riverside. Read our Shared Ownership Buying Guide for all the details.
How do I apply?
It depends on the type of home you’re interested in, and where about it is. Read more details, to make sure you apply in the right place.
I’ve got a few more questions…
We’re here to help you through the whole process and beyond. Drop us a line if there’s anything else you’d like to ask.