New homes provider Bromford is hoping to put an end to some of the most widely believed myths about shared ownership. 

Providing shared ownership homes across Worcestershire, the housing association continues to raise awareness for this route onto the property ladder by putting widespread misconceptions to the test. 

Bromford Shared Ownership gives first-time buyers and those who do not currently own a property the opportunity to secure a new-build home with Bromford. Homebuyers pay a mortgage on the share they own, and pay rent on the remaining share, meaning a smaller deposit is required. 

If and when the time is right, homeowners can purchase more shares through a process called staircasing, gradually increasing their ownership of their home. 

Catherine Jarrett, director of sales and marketing at Bromford, said: “Time and time again, shared ownership has proven to be the method of choice for more and more people when attempting to get onto or climb the property ladder. 

“Despite this, misinformation and myth still surround the scheme and its various benefits. We hope that by addressing these common misconceptions that many will understand the importance of shared ownership and how it can give a route to owning a home for those who may otherwise not have been able to. 

Here are Bromford’s top five shared ownership myths:

It’s only for first-time buyers 

Shared ownership is a route onto the property ladder for many different purchasers, not just first-time buyers. 

Shared ownership customers come from all backgrounds, including those creating a new household, existing shared-ownership customers and those who have owned outright in the past but it is now no longer financially viable. 

Full eligibility criteria can be found on the .gov.uk shared ownership page – www.gov.uk/shared-ownership-scheme/who-can-apply.

You can’t sell your shared ownership home 

Many believe those using shared ownership cannot sell their home unless they have staircased up to 100 per cent, but this is not the case. 

Sellers are allowed to instruct an estate agent of their choice to sell both their share and Bromford’s share on the open market. 

This allows for an easier selling process, meaning you can sell your shared ownership property more quickly.

You need a larger deposit

As with traditional home buying, homeowners are only required to pay a deposit based on the value of the property they own. 

Just as an outright sale purchaser may pay five or 10 per cent on 100 per cent of their new home, a shared ownership buyer may pay five or 10 per cent on 25 per cent of their new home, 50 per cent of their new home, or on whatever percentage of their home they are purchasing.

You can only purchase a certain type of home 

There are many different types of home that are accessible to fit the needs of the customer. 

Across its own developments, Bromford provides shared ownership on terraced, semi-detached and detached homes ranging from two-bedrooms to four-bedroom, as well as one-, two and three-bedroom apartments, and that pattern is repeated by shared ownership home providers nationwide.

You’ll never own your home outright 

Depending on the terms of their lease, the homeowner can gradually increase the share of their home they own, all the way up to 100 per cent ownership of the property if the lease allows.

This process is known as staircasing, and it allows the home buyer to budget at their own pace, meaning they can increase their owned stake as they see fit, or indeed not at all should they so choose 

The national shared ownership campaign is supported by the National Housing Federation, and the the campaign to raise awareness of shared ownership is supported by almost 50 organisations.

For more information, please visit
www.housing.org.uk/our-work/affordable-home-ownership/shared-ownership

For more information on homes available in Worcestershire, through Bromford Shared Ownership, visit the bromford.co.uk website.