Why rent when you can own?
Start your home ownership journey in the kind of property you want - for less than you currently pay in rent.
Why shared ownership makes sense
Buying a home outright feels out of reach for so many hopeful homeowners, especially first-time buyers.
Most people don't have a big deposit, a high income or family help to rely on
Shared ownership lowers the barrier
- A mortgage deposit based just on the share being bought.
- A smaller mortgage.
- Affordability based on part-mortgage and part-rent.
That could be the difference between waiting years or buying now.
In many areas of the country the combined cost of the mortgage on a share and subsidised rent on the rest can be similar to, or sometimes cheaper than, private rent, especially for new-build homes. Unlike renting, some of that money is 'working' and going towards something you actually own. Even if you're buying 25% or 40%, you're building equity instead of handing over rent to pay someone else's mortgage forever.
Buying with shared ownership gives you control, stability, and a chance of getting on the ladder sooner.
Shared ownership is a practical way onto the property ladder. It's best approached while being honest about the trade-offs as well. Rent and service charges still need to be paid. Costs can rise over time. Selling can be more complex than a normal property. For some it may not be ideal for total flexibility
Stability without needing to buy 100%
Shared ownership still offers:
- Long-term security.
- The right to decorate and make it feel like home.
- More certainty than a rolling rental contract.
Turning your rent into an investment
London example
According to home.co.uk, the average rent for homes across all properties in London IG3 was £1,855* per calendar month. With shared ownership, your outgoing could be £1,093 a month for a one bedroom apartment at One Goodmayes.
That's an approximate saving of £762 a month, based on:
- A minimum 25% share of £78,750 (Full Market Value £315,000).
- 5% mortgage deposit of £3,938.
- £74,813 mortgage value.
- £402 monthly mortgage repayments at a five-year fixed rate of 5% on a 30-year term.
- £522 a month rent calculated on 2.65% annual cost of the remaining share value.
- £170 a month estimated service charge.
Save up to £762* on rent in Redbridge with shared ownership.
