Shared Ownership

What is shared ownership?

Shared ownership is a type of low-cost home ownership that allows people on lower incomes to purchase a 25%, 50% or 75% initial share in a property and to pay rent for the remainder of the property to Harbour Homes. Priority is given to first time buyers, those on council/housing association waiting lists and those leaving the armed forces.

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How are homes allocated?

Preferences will be given to:

  • First time buyers.
  • Those living in private rented housing.
  • Those living with family, friends or relatives.
  • Those lacking security of tenure in their current home.
  • Home owners where a change of circumstances means they have to move (eg health problems, relationship breakdown etc).
  • Applicants registered on council or housing association / co-op waiting lists.
  • Current servicing and ex-service personnel and their families.

One or more of the following should apply:

  • Applicants should have sufficient income to allow them to pay an occupancy charge without the need to apply for housing benefit.
  • Applicants should normally have a regular income.
  • Applicants should be on gross household incomes not normally higher than £39,000 per year (this will be reviewed annually).
  • Applicants who don’t have a regular income, but have access to other funds, will be considered.

Buying further shares

A sharing owner can apply to Harbour Homes to purchase a further 25% share (or more if appropriate) but only if at least 12 months have passed since the initial or any other previous purchase (as per the guidelines from the Scottish Government). The purchase price is based on an independent valuation, with the cost of the valuation being met by the sharing owner.