Through L&Q Shared Ownership you part-own and part-rent your home and you will need a much smaller deposit than when you buy on the open market.
How does the scheme work?
- With Shared Ownership you start by buying a share in a home, between 25% and 75% of the full value
- Your deposit is 5% to 10% of the share you are buying, not the full value
- You will pay a mortgage on the share you own and a subsidised rent to L&Q on the share you don’t own
- You can increase the share you own until you own 100% of your home and no longer pay any rent to L&Q. This process is known as ‘staircasing’
Watch informative videos, hear from other home buyers and learn All About Shared Ownership here.
Are you eligible?
To be eligible you must:
- have a combined annual household income under £80,000, or £90,000 in London
- not own a property, or part of a property at the time of completing on your purchase
- have a good credit history
There are a few other eligibility requirements you’ll need to meet, read more about it here.