Shared ownership (part buy, part rent)
Shared ownership makes buying a brand new home a real and affordable option to many Londoners.
Usually referred to as part-buy, part-rent, this scheme makes home ownership a possibility for those who couldn’t otherwise buy a property, since your monthly housing costs are around 20 per cent lower than if you were to buy on the open market or rent privately. You’re also able to buy more of the property as and when you can afford to.
With shared ownership, you buy a share of the property that you can afford and rent the rest of the property from Triathlon Homes, with rent capped at a maximum of 3%.
As and when you’re able to, you can start increasing the share you own, which is known as ‘staircasing’. This naturally reduces the amount you pay in rent, until eventually you own your own home outright.
To be considered for shared ownership , you need to be registered with Triathlon Homes and we will check your eligibility via a very simple process.
You are eligible if…
- You have a gross household income of no more than £90,000 per annum
- You are a British or EU/EEA citizen, or have ‘leave to remain’
- You are employed or self-employed and can evidence your earnings
- You can fund the rents / mortgages, deposit and related costs of buying / renting a home
- You do not already own a home or you will have sold your current home before you purchase or rent
You will also need to ensure that:
- Have a good credit history
- Show you can afford to maintain the costs of the home
- Be able to raise money to cover the costs of buying (this is for a deposit, solicitors fees, mortgage arrangement fees, moving costs, and so on)
Please see the government’s website, Gov.UK for more information on eligibility criteria.