Shared Ownership offers an affordable way to step onto the property ladder. Instead of buying a property outright, you purchase a share of your new home and pay rent on the remaining portion. This means you'll need a smaller deposit and mortgage compared to buying on the open market, making homeownership more accessible.

You can buy an initial share between 10% and 75% of your home's value (depending on which lease you purchase under). For example, if you buy a 50% share of a £200,000 property, you'll only need a mortgage for £100,000. You'll then pay rent and any service charges, if applicable, on the remaining share that Community Housing owns.

Want to own more of your home later? You can increase your share through a process called 'staircasing'. You can buy additional shares in chunks of 1% or more at a time or from 10% (depending on which lease you purchase under). In most cases you, you will be able to own your home outright. As you buy more shares, your rent decreases proportionally.

You can read more in our FAQ document.

Shared Ownership could be perfect if you're:

• A first-time buyer looking for your first home.
• Starting fresh after a relationship breakdown.
• Looking to downsize with a good deposit.
• Recently promoted but not quite ready for a full mortgage.

To qualify for Shared Ownership, you need to:

• Be at least 18 years old.
• Not earn in excess of £80,000.
• Be unable to afford a suitable home on the open market.
• Have a household income that can cover mortgage payments, rent and living costs. (Please see our Surplus Monthly Income Policy for more information about how we calculate this).
• Have savings for deposit and moving costs.
• Not currently own a property (unless there are exceptional circumstances).

1. Register with Wyre Forest Home Choice and apply for Social Housing. Please select you are interested in "Shared Ownership". (This is to confirm your local connection to The Wyre Forest.) Please forward a copy of your registration letter once received.
2. Complete our Shared Ownership application. Use the Application Checklist to make sure you have completed everything and avoid any delays.
3. Complete the Income/Expenditure statement.
4. Undertake a financial assessment with a Mortgage Advisor.
5. Provide supporting documents.
6. Wait for assessment (typically one week).

You'll need:

• A deposit (typically 5-25% of your share value, depending on your lender's requirements).
• Funds for solicitor's fees and moving costs.
• A mortgage for your share (unless buying with cash).
• Ability to pay monthly rent on the remaining share.
• Ability to cover service charges and building insurance.

As a shared owner, you'll:

• Be responsible for all repairs and maintenance - depending on which lease you purchase under, an allowance for some repairs is available for the first 10 years of the term of your lease.
• Need permission for major improvements like building a conservatory.
• Have the security of a 990 year lease.
• Pay rent monthly by Direct Debit.
• Be able to buy further shares, known as staircasing.
• Have the option to sell your share if you decide to move.

Our dedicated sales team will:

• Guide you through each step of the purchase.
• Keep you updated on progress.
• Ensure you understand your rights and responsibilities.
• Provide a comprehensive Homeowners Information pack.
• Help you understand your ongoing payments.
• Support you with any questions about your home.

Ready to take the first step? Contact our sales team using our online enquiry form, email sales@communityhousing.co.uk or phone on 01562 733035.

View our available properties on:

• Andrew Grant
• RightMove
• Zoopla

You can also join our Community Housing Home Sales Facebook group to keep up to date with Shared Ownership news.

First Come First Served Policy

We often receive multiple applications for our Shared Ownership homes, so we follow clear guidelines set by Homes England and current legislation to allocate them. The property will be allocated to the first eligible applicant who provides us with a complete application package, including their financial assessment.

Important exceptions

While most properties follow our standard allocation process, there are some exceptions:

• Ministry of Defence personnel may receive priority.
• Protected sites have specific requirements.
• Some properties prioritise applicants with a local connection to the area.

Read more in our First Come First Served Policy.