Shared Ownership has become an important option for first time buyers in Nottingham who are finding it difficult to get onto the property ladder.

Introduced as part of a government initiative after the credit crunch, the scheme was designed to help more people access affordable homeownership, especially in areas where property prices have risen faster than wages.

Whether you’re looking to buy in Beeston, Arnold, or within one of Nottingham’s newer developments, Shared Ownership may offer a realistic way to take your first step onto the housing market.

As a mortgage broker in Nottingham, we regularly support buyers exploring this route and help them navigate the process from beginning to end.

How Shared Ownership Works

With Shared Ownership, you purchase a share of a property, usually between 25% and 75%, and pay rent on the remainder to a housing association.

This means you’re only taking out a mortgage on part of the property’s value, which helps reduce both your deposit and monthly repayments.

This approach has proven helpful for buyers in Nottingham who might not be able to borrow enough for a full purchase or who are struggling to save a large deposit.

The scheme is available on both new build homes and some resale properties, depending on the provider.

Increasing Your Share Over Time

If your financial situation improves, you may be able to increase your ownership through a process called staircasing.

This allows you to buy more shares in your home gradually, potentially up to full ownership.

Some buyers in Nottingham use staircasing to reduce the amount of rent they pay or to fully own their property later down the line.

It’s important to note that each housing association will have its own rules, so costs and limits may vary.

Our mortgage advisors in Nottingham can help you understand what staircasing could look like in your case and whether it’s something you can plan for in the future.

Who Can Apply For Shared Ownership In Nottingham?

To be eligible for a Shared Ownership mortgage in Nottingham, your total household income must be below £80,000, and you shouldn’t own another property at the time of applying.

While the scheme is mainly aimed at first time buyers, it may also be available to some home movers and those returning to the market after a relationship breakdown.

You’ll need to show that you can afford the monthly costs, including the mortgage, rent, and any service charges.

Lenders will also look at your credit history and how you’ve managed previous rent or mortgage payments.

A good application is about more than just income.

We often support applicants who are unsure how their current situation will be assessed, particularly if they have variable income, previous credit issues, or shared finances.

Selling A Shared Ownership Property

If you eventually buy 100% of your Shared Ownership property, you’ll usually be free to sell it on the open market just like any other home.

Until then, the housing association may have what’s known as “first refusal,” meaning they get the chance to find a buyer before you list the property more widely.

Each provider has slightly different rules, so it’s important to understand how the resale process works with your specific property.

Our team can help explain this if you’re unsure what’s in your lease or what your future options may be.

Speak To A Mortgage Advisor In Nottingham

Buying a Shared Ownership property can feel different from buying on the open market, especially if it’s your first time dealing with a housing association or applying through a government-backed scheme.

There’s a lot to think about, from eligibility and affordability to understanding the terms of your lease.

As a mortgage broker in Nottingham, we’re here to help you make sense of it all.

Whether you’re exploring Shared Ownership in areas like Mapperley, West Bridgford or Hucknall, or you’re comparing this scheme with other first time buyer options, our mortgage advisors are available 7 days a week to support you.

We’ll look at your situation, explain your options clearly, and help you secure a mortgage that fits both your needs and your budget.

You can book a free initial appointment online or give us a call to get started.

Date Last Edited: September 5, 2025