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Is shared ownership the right choice for your child?

There are several ways to purchase a property, with shared ownership forming a viable way to become a homeowner at a more accessible entry point. As a parent you want to give your child the best advice when they’re making a big financial decision like buying a home.

What is shared ownership?

Shared ownership is a buying scheme that allows you to buy a share of a property, paying a subsidised rent on the remainder, without having to cover the full property value at time of purchase.

This means that a mortgage is only required on a share of the property value making the possibility of purchasing much more achievable for many. At Latimer, we recognise everyone’s circumstances are different.

With shared ownership, you buy a share of your home - as much as you are calculated to be able to afford - starting from a minimum share, specific to the development, and rising up to 75% of the property’s value.

Subsidised rent is then paid on the remaining share of the property. In the experience of most Latimer buyers, the rent typically falls below the market average.

What could your monthly costs look like?

*Monthly costs (outright purchase) are approximate and based on a five-year mortgage at 5.3% including estimated service charges and a 25% mortgage deposit. Monthly costs (shared ownership) are approximate and based on a five-year mortgage at 5.3% including estimated service charges and a 5% of the share value mortgage deposit plus estimated monthly rental payment based on 2.75% per annum on the value of the share not purchased (rent is subject to annual increase in line with RPI + 0.5%). Terms and conditions apply.

Can more shares be bought?

Staircasing is the term used to describe the process of buying more shares in your home over a period of time. Shared ownership allows buyers to purchase at a rate that works for them, increasing the percentage of shares as they can afford to do so.

The cost of future shares will be dependent on the property value at the time of purchasing based on market conditions. Buyers can purchase shares as many times as they want but it's worth noting that there are associated costs with each purchase including solicitors fees and property valuations.

Does shared ownership mean sharing with someone?

Purchasing through shared ownership is the same as purchasing through outright sale in the sense that the buyer lives in the property how they wish. They can live alone, with family or friends as they choose - it's personal choice.

As our developments progress we'll welcome visitors at marketing suites, show homes and in properties available to view.

Can you picture your child inviting you round for a meal at this stylish apartment at Islington Wharf?

Featured development

Our marketing suite and show apartment at Islington Wharf is open to view by appointment only. For further information and to book an appointment, please call the team on 0330 173 5057 or view our development page for more information.

Latimer creates

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Building communities. By Latimer. For Everyone.

Learn more about shared ownership