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Shared Ownership

Fairoak Housing Association has successfully completed a number of shared ownership projects across the North of England, helping people to realise their dream of owning their home. 

Shared ownership has been around for over twenty years and is an established method for people who cannot afford to buy a property outright to become homeowners.

People with learning difficulties are often seen as having no prospect of enjoying the benefits of owning their own home. This is usually because of limited income and therefore they have difficulty raising the money for a deposit or being able to qualify for a mortgage.

Fairoak Housing Association is able to offer people with learning difficulties the option of becoming a homeowner by sharing the ownership of a property.  Shared ownership means that a property is owned partly by a housing association and party by an individual, with the individual or “shared owner” usually owning between 25% and 75%.

The “shared owner” would take out a mortgage on their share of the property and, in addition, would pay rent to the housing association on the remaining share. An additional benefit called "Income Support Mortgage Interest" can, if individuals are eligible, be accessed to pay for such a mortgage.

S.O.L.D. in South Lakes (Shared Ownership for People with Learning Disabilities) was one such project, involving the redevelopment of a property into individual flats for sale under a shared ownership scheme. 

Fairoak are also assisting individuals and groups who are looking to purchase their own property using shared ownership. We are working in partnership with specialist mortgage advisors My Safe Home and local building societies to secure mortgage availability for people with disabilities.

PLEASE NOTE: Fairoak Housing Association are not mortgage lenders nor can we guarantee that individuals will be granted a mortgage. We are happy to offer the best advice we can but always recommend individuals seek independent financial advice.

Our Shared Ownership Booklet has further information on this subject and may be downloaded here.