Is shared ownership the right choice for me?
That’s not something we can advise you on. We recommend talking to friends and family about the idea. Then, before you commit, speak to a mortgage adviser and take advice from your solicitor.
How big a share should I buy?
That’s up to you. But remember that you need to have enough money available to pay your mortgage, your rent, Council Tax, insurance, and any service charges (e.g. for maintenance of communal areas) – as well as your normal livings costs, such as food, utility bills and transport.
Can I rent out my shared ownership home?
No, you can’t rent out your shared ownership home. You also can’t use it for Airbnb or holiday lets. In general, you can usually have a lodger.
Can anyone buy a shared ownership home, or are there any restrictions on eligibility?
In general, shared ownership is designed for people with lower incomes, or who would not be able to afford a home that meets their needs on the open market. There are some restrictions on eligibility. These vary, depending on where your home is. Different local areas have their own variations and additional criteria for eligibility.
You can also check the criteria that apply for each of our homes for sale.
Can I redecorate?
Yes, as a homeowner you can redecorate your shared ownership home.
Can I change the layout?
Maybe – but we ask you to check with us first as it could change the nature of the home. For example, knocking through a wall to make an open plan kitchen diner may be fine, but changing a 3-bed home to 2-bed would mean there are fewer 3-bed homes available in your neighbourhood. That doesn’t mean we’ll say no; but please check.
Can I add an extension or a conservatory?
Maybe – but we ask you to check with us first as it could change the nature of the home. For example, a conservatory will reduce the amount of garden available. That doesn’t mean we’ll say no; but please check.
Can I buy additional shares in the property over time?
In some shared ownership schemes, you can do this – it’s sometimes known as ‘staircasing.’ At Noah, we don’t offer this. Instead, we’ve created the The Rung scheme.