Shared ownership
Shared Ownership makes it possible to own your own home. It offers affordable housing, helping you to take those first steps onto the property ladder.
Under a Shared Ownership scheme you part-own and part-rent your home.
A Shared Ownership property allows you to become an owner-occupier.
This gives you the long-term security and stability of home ownership at a price that’s still affordable.
Advantages of shared ownership include:
- you'll own part of your home, rather than paying rent with no return
- your monthly mortgage and rent can work out cheaper than buying outright, and sometimes not much more than renting
- you can buy more shares in your home or sell it if you want to
- you only buy what you can afford so you don't overstretch yourself financially
The minimum share you can purchase is 25 percent and the maximum is 75 percent.
You will pay a mortgage on the part you own and rent on the part you don’t own. As your income rises, you can increase the share you own until you eventually own 100 percent and no longer pay any rent.
For further information on shared ownership please visit the Mayor of London website.
Eligibility criteria
- We will prioritise Havering residents who have been living in the borough for the last 12 months or more.
- Priority will be given to:
- armed forces personnel (serving military personnel and former members of the British Armed Forces), honourably discharged within the last 2 years
- those classified as a key worker (social worker, teacher or NHS health care workers)
In addition you:
- must have a maximum household gross income of £90,000 per year
- must be unable to buy a property to meet your housing needs on the open market
- must be able to demonstrate that you have the income to keep up payments
- will need to pass our financial affordability assessment
The allocation of a Shared Ownership property is subject to availability and based on the housing needs of the applicant and subject to meeting the Havering Council allocation criteria policy (available on request, and may be subject to change).
Available properties in Havering
Use the Share to Buy website to find properties in Havering.