Shared Ownership Schemes | New Build Shared Ownership Homes

Shared Ownership

Taking your first step onto the property ladder is a big achievement, and it could be within reach with our shared ownership schemes. Home Stepper (in partnership with Sage Homes) or Home Reach (in partnership with Heylo) could help turn your dream of owning a new build home into a reality.

These flexible schemes let you purchase a share of your chosen new build and pay a monthly rent on the remaining amount. Find out more about our selection of shared ownership schemes below.

Home Stepper

MORE ABOUT HOME STEPPER

A shared ownership scheme in partnership with Sage Homes. Purchase a share of a new build from Bovis Homes and pay monthly rent on the remaining part. Learn more about part ownership houses under this scheme.

Home Reach

MORE ABOUT HOME REACH

Through our partnership with Heylo, we offer Home Reach – a shared ownership scheme. Buy a share of your chosen new home and pay a monthly rent on the remaining amount. Find out more about our Heylo new build shared ownership properties.

Sage Homes

MORE ABOUT SAGE HOMES

Sage Homes built by Bovis Homes are shared ownership homes. Buyers can purchase a share of their chosen home and pay a monthly rent on the remaining amount. Discover these shared ownership properties for sale.

What is shared ownership?

Shared ownership is a type of house buying scheme that offers you the opportunity to purchase a part of your home while paying rent at a discounted rate on the remaining share.

With only a portion of the property to purchase, you'll need a smaller deposit and mortgage, making it easier to step onto the property ladder. It could be an ideal solution if you're looking for a way to own a home that suits your needs without the full financial commitment upfront.

How does shared ownership work?

With shared ownership, you'll pay a deposit of at least 5% on your share of your chosen home, with a mortgage covering the rest. For the portion of the property you don't own, you'll pay rent at a discounted rate of 2.75%, offering you a more affordable pathway to home ownership.

As time goes on, you can gradually increase your share in the property, through a process known as staircasing, at any point following completion. The larger the portion of the property you own, the less rent you will need to pay. The cost of any additional shares you buy will depend on the value of the property at the time you want to purchase more.

Who qualifies for shared ownership?

To be eligible for one of our shared ownership schemes, you'll need to:

Have a household income of no more than £80,000 (£90,000 in London)
Be able to put down a deposit of at least 5% of the value of your share
Intend to use the shared ownership property as your principal and only home
Pass an affordability assessment with an independent financial advisor

Each scheme may have additional eligibility requirements, so we recommend checking the specific criteria. If you have any questions or need assistance, don't hesitate to get in touch with our team – we're here to help.

Benefits of shared ownership

With shared ownership, you only need to pay a deposit on the portion of the home you're purchasing, rather than the full property price.
A smaller deposit means you can save more quickly, helping you secure your new home sooner than you might have expected.
Your mortgage will be more affordable, as you'll only need to borrow on the share of the home you're buying, making your monthly payments more manageable.
You'll pay rent on the portion you don't own, at a discounted rate, providing additional savings.
Over time, you have the opportunity to increase your share in the property, giving you flexibility as your circumstances change.

Things to consider with shared ownership

The amount of rent you pay on the portion of the property you don't own will rise each year. We'll always make sure you're fully informed about how this works, so you know exactly what to expect.
A service charge will apply to your home, regardless of the share you own
Shared ownership properties are leasehold, meaning you won't own the land the property is on.
While you can sell your home whenever you like, to start the process, you'll need to let your landlord (either Sage Homes or Heylo) know that you'd like to sell. Any purchaser(s) will need to be eligible for the scheme. Additional information can be found on the relevant scheme pages.

How to apply for shared ownership with Bovis Homes

Enquire with us: Simply register your interest with us and we'll guide you through the next steps. We'll schedule an appointment to explain the relevant shared ownership scheme to you, show you which houses are available on a development near you and answer any questions you have.
Check your eligibility: To move forward, we'll need to carry out some affordability checks to ensure the scheme is right for you. Together, we'll identify the maximum percentage share you can purchase and the portion you'll pay rent on.
Choose your new build: Once we've confirmed your eligibility, we'll help you explore the homes that fit within your budget. You'll have the opportunity to choose your ideal plot and take the next step towards reserving your home.
Make a reservation: Once you've selected your new home, we'll notify the shared ownership scheme provider and secure your reservation with our team. At this point, you'll provide us with some documentation. You'll also appoint a solicitor and an Mortgage Broker to apply for your mortgage.
Secure your new home: We'll ask for a reservation fee to ensure your home is reserved just for you, and we'll guide you through the final paperwork to make everything official

Shared ownership FAQs

Is shared ownership available on all Bovis Homes properties for sale?

Shared ownership is available on a select range of our homes. Our knowledgeable Sales Consultants are here to guide you through your options and help you find the perfect home for your needs. Feel free to get in touch – we're here to help.

How much deposit do I need to put down on a shared ownership home?

With shared ownership, you'll need to put down at least 5% of the value of the share you wish to purchase.

Do I pay Stamp Duty on a shared ownership home?

Yes, Stamp Duty applies when purchasing a property through a shared ownership scheme. The amount you'll pay depends on the share of the home you're buying, with any relevant allowances potentially reducing the amount due. Your solicitor will be able to guide you through this and calculate the exact cost.

Is shared ownership cheaper than renting?

Yes, shared ownership is usually cheaper compared to renting, but it depends on each individual. While there are some initial costs involved, like with any house purchase, the long-term costs of shared ownership are typically lower. This is because your monthly payments combine a smaller mortgage on just the share you own, along with a reduced rent on the share you don't.

Can I have pets in a shared ownership house?

We understand that pets are an important part of the family. You may be able to have pets in a shared ownership property, but you will need to ask the scheme provider for their consent first. Simply reach out to them directly to discuss your options.