If you've heard conflicting advice or aren't sure what's fact and what's fiction, you're not alone. Like many home-buying options, Shared Ownership is often misunderstood, which can prevent people from exploring a scheme that could genuinely help them.
To help you make an informed decision, we're tackling some of the most common myths about Shared Ownership and revealing the truth behind them.
Myth 1: You don't really own your home
One of the biggest misconceptions about Shared Ownership is that you're simply renting a property.
The truth: When you buy through Shared Ownership, you own the share you've purchased. You'll have a leasehold interest in the property, take out a mortgage on your share (if required), and pay rent on the remaining share owned by the housing association.
While you're sharing ownership of the property's value, it's still your home. You can decorate, furnish and make it your own, just as you would with many other leasehold properties.
Myth 2: Shared Ownership is only for people on low incomes
Many people assume the scheme is only available to those receiving financial support or on very low wages.
The truth: Shared Ownership is designed for people who can't afford to buy a suitable home outright, even if they have a steady income.
Many buyers have stable careers and good financial habits but find it difficult to save for a large deposit or secure a mortgage for the full value of a property. Shared Ownership offers an affordable alternative, helping people take their first step onto the property ladder sooner.
Eligibility is based on factors such as household income, affordability and individual circumstances rather than simply how much you earn.
Myth 3: You'll never own more than your first share
Some buyers worry they'll always own the same percentage of their home.
The truth: One of the key benefits of Shared Ownership is the opportunity to buy additional shares over time through a process known as staircasing.
As your financial circumstances change, you may be able to increase the share you own, reducing the amount of rent you pay on the remaining share. Depending on your lease and the property, some homeowners are able to staircase all the way to 100% ownership.
While staircasing isn't the right choice for everyone, having that flexibility allows many buyers to plan for the future at their own pace.
Myth 4: It's more expensive than buying normally
At first glance, paying both a mortgage and rent can seem confusing, leading some people to assume Shared Ownership must cost more.
The truth: Every buyer's financial situation is different, but for many people, Shared Ownership can be a more affordable way to buy compared with purchasing a property outright.
Because you're buying a smaller share, you'll usually need a smaller deposit and mortgage, making the initial costs much more manageable. You'll also pay rent on the remaining share, so it's important to understand your total monthly costs before buying.
Taking the time to review your finances and seek professional advice will help you decide whether Shared Ownership is the right option for your budget.
Myth 5: Shared Ownership homes are difficult to sell
Another common concern is that selling a Shared Ownership property is complicated.
The truth: If you decide to move in the future, you can sell your Shared Ownership home. The process is slightly different from selling a property on the open market, as your housing association may have a nomination period to help find another eligible buyer first.
Once that period has ended, the property can often be marketed more widely, depending on the terms of the lease.
Understanding the sales process before you buy can help you feel confident about your long-term options.
Myth 6: Shared Ownership is too complicated
Buying any home can feel overwhelming, especially if you're doing it for the first time. Mortgages, solicitors, surveys and legal paperwork can all seem daunting.
The truth: While Shared Ownership has its own process, it doesn't have to be confusing.
With the right advice and guidance, each stage can be explained clearly, helping you understand what's involved and what to expect. Asking questions and seeking support is an important part of the journey, and no question is too small when you're making such an important decision.
Making informed decisions
Shared Ownership isn't the right solution for everyone, but it's important to base your decision on accurate information rather than common misconceptions.
Understanding how the scheme works, what your responsibilities are and how it fits with your personal circumstances will help you decide whether it's the right route for you.
At SOWN, we believe buying a home should feel empowering, not overwhelming. That's why we're committed to providing honest, straightforward guidance that helps prospective buyers understand their options with confidence.
If you're considering Shared Ownership, don't let the myths hold you back. By asking questions, seeking expert advice and exploring the facts, you'll be in a much stronger position to make the decision that's right for you.
Your journey to home ownership starts with understanding your options - and we're here to help every step of the way.
