Thinking about Shared Ownership? Let’s bust some myths together!
If you’ve been seriously considering buying a Shared Ownership home, chances are you’ve been Googling to see what others have experienced with the scheme. In doing so, you’ve probably come across inspiring, life-changing stories about how Shared Ownership has helped people step onto the property ladder. However, it’s also likely that you’ve encountered some negative opinions and persistent myths.
To support you on your journey and give you clarity, we’ve created a Shared Ownership myth busting guide. This page is designed to tackle common misconceptions and provide you with the facts, so you can make an informed decision with confidence.
REALITY: Shared Ownership isn’t just for first-time buyers. Anyone can purchase a Shared Ownership home, provided they meet the eligibility criteria (which you can view [here]). While it’s true that first-time buyers often take advantage of the scheme’s accessibility, people from all walks of life regularly choose Shared Ownership as the right solution for their home-buying journey.
REALITY: You absolutely can sell your Shared Ownership home whenever it suits you. In fact, with the growing popularity of the scheme, there’s often high demand for Shared Ownership properties, making the process even smoother.
Before selling, you’ll need to give us the first opportunity to sell your home - this is called the ‘nomination period.’ If a buyer isn’t found during this short window, you’re free to sell your property on the open market with an agent of your choice.
REALITY: In many cases, the monthly payments for a Shared Ownership home are actually cheaper than renting a property of the same size. With Shared Ownership, you’ll pay a mortgage on the share of the property you own and a reasonable rent on the remaining share. This combination often makes it a more affordable option compared to renting outright.
REALITY: This is partly true and partly false. While the landlord who owns the remaining share of your home - whether it’s Cerris Homes or another provider - won’t typically get involved in your day-to-day property management, they do play a role in maintaining the area where your home is located, ensuring it remains tidy, safe, and secure.
As the homeowner, you have full control over your property. There won’t be inspection checks, and you’re free to redecorate or make non-structural changes as you wish. However, for major structural changes, you’ll need to seek permission - this is particularly the case for Cerris Homes properties.
It’s also worth noting that, regardless of your ownership share, you are responsible for all repairs. The good news is that new Shared Ownership homes often come with a new homes warranty to protect you. In some cases, depending on your purchase, your seller may even offer support for qualifying repairs for up to 10 years after your purchase.
REALITY: While it’s true that not all banks offer Shared Ownership mortgages, many well-known high street lenders do. At Cerris Homes, we work closely with a range of Shared Ownership financial experts who are here to make the process of finding the right lender straightforward and stress-free.