Making Shared Ownership possible for everyone

Thanks to MySafeHome, you could buy your own home through a scheme called Shared Ownership, even if you’re not able to work full time or are supported by benefits.

MySafeHome has already helped more than 1,600 people with disabilities to become homeowners. Now, we’re working with them to help even more people take their first step onto the housing ladder.

What is Shared Ownership?

Shared Ownership allows you to purchase and own a share of a property whilst paying rent on the portion you don’t own. You buy a share (usually 25%) of the home, and a housing association (that’s us) owns the rest of the home. You live there full-time and pay rent on the part you don’t own. Over time, you may be able to buy a bigger share of your home (this is called staircasing) if you want to.

How does it work?

MySafeHome can help arrange a specialist mortgage that takes your benefit income into account. This is done through the government’s Support for Mortgage Interest (SMI) scheme, which helps with the interest payments on your mortgage.

There are upfront costs like a deposit and legal fees, so this option won’t be right for everyone. But if you can manage the initial costs and contribute a small amount each week, homeownership could still be within reach.

MySafeHome will help you explore what’s possible, with support every step of the way.

Can you break it down for me?

Sure, here’s an example:

• The home you want costs £400,000
• You buy a 25% share for £100,000
• You need a 5% deposit of £5,000 for your share
• You could get a mortgage (a loan from the bank) for the remaining £95,000
• Rent would be paid on the 75% you don’t own – about £688 a month. This could be covered by your benefit payments
• There would also likely be a monthly service charge, typically around £100/month. This could also be covered by your benefit payments

In total, you’d need around £12,000 – £15,000 upfront to get started. This includes your £5,000 deposit, the initial mortgage payment, and legal fees. If someone, such as a family member or the local council, lends you the money for your deposit, it might be possible to protect it using a Second Charge. This secures the money so that you can pay it back if or when the home is sold.

Who can apply?

You could be eligible if:

• you’re 18 or over
• you have a clean credit history and no debts
• you receive Universal Credit (Limited Capability for Work-Related Activity) or Employment and Support Allowance Support
• you’re unable to work more than 12 hours per week
• you have (or are arranging) a care and support package
• you have mental capacity, or legal support like Power of Attorney or a Court of Protection deputy
• you plan to live independently
• you can cover the upfront costs (around £12,000 – £15,000) and pay around £30 a week towards your ongoing housing costs.

Mortgage offers and requirements can change, so it’s always best to speak to MySafeHome for the most up-to-date advice.

Want to find out more?

If you think this could be right for you, or someone you know, please get in touch with MySafeHome:

• Website: www.mysafehome.info
• Email: enquiries@mysafehome.info
• Phone: 02476 402211