When it comes to buying a home, scary stories and misconceptions are everywhere. This Halloween, we're giving some of the most common shared ownership myths the fright they deserve.

Myth #1 – Shared ownership is only available to first-time buyers

While shared ownership is a great stepping stone for first-time buyers looking to get a foot on the property ladder, it isn’t only available to them. As long as you meet the shared ownership eligibility criteria and you do not own another home (or you’re in the process of selling your current home), then shared ownership could be an option for you!

Myth #2 – You can only buy a flat with shared ownership

You can buy many different property types with shared ownership! We offer a range of properties, including houses, flats, and coach houses, so you can choose what best suits your needs.

Myth #3 – You can’t get a shared ownership mortgage

It’s true that not all lenders offer shared ownership, but most do! Plus, all mortgage lending is calculated on a similar affordability calculator, which means it comes down to your income, outgoings, credit rating, and the size of your deposit – the same as if you were buying on the open market.

Myth #4 – You can’t sell your shared ownership home

Shared ownership is available on both new-build homes and resale properties that are being sold by the current shared owners! For some customers, shared ownership is a stepping stone to 100% ownership; for others, as circumstances change, they may want to sell their home. Shared ownership homes are sold either at the share the current shared owner owns, or at 100% on the open market, though this is lease-dependent.

Myth #5 – You still need a huge deposit

You usually only need a 5% deposit based on the share that you buy. So, if you were to buy a 25% share in a £300,000 property (which would be £75,000), then your deposit would be just £3,750. It is that simple.

Finding Your Perfect Shared Ownership Home

While myths and misconceptions can make the process seem overwhelming, the reality is often far more straightforward. With shared ownership, you can get the home you want, in the area you love, through an achievable repayment plan. Read through our how does shared ownership work guide to find out how shared ownership works and how it can work for you.

Our aim at Aster is to find you a home, not just a house – and with shared ownership, you can find a home in a lovely location that may otherwise be out of your reach, just get in touch!