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Cost of the schemes

This content applies to England & Wales

Costs associated with shared ownership and low-cost home-ownership, and help with housing costs that may be available.

Buying a shared/low-cost home-ownership property

When buying a shared ownership or low-cost home-ownership property, the prospective purchaser should take into account the cost s/he will have to pay. S/he will not always have to put down a cash deposit, but s/he may have to pay legal fees, survey fees and stamp duty (see the page on the Cost of buying a home in the section on buying a home), although in some cases these may be covered by the mortgage loan.

Help with housing costs

An occupier of a shared ownership scheme property where rent is payable on a percentage of the property can claim housing benefit to cover her/his rent payments, provided s/he meets the usual eligibility criteria (see the page on Eligibility for housing benefit). An applicant may also qualify for assistance in paying the interest on the mortgage in the same way as any other home owner (see the page on Increasing income in the section on mortgage arrears: payment problems). However, applicants who take out a mortgage whilst receiving certain benefits may not get help, and many applicants in receipt of benefits may find it difficult to get a mortgage.

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