Household wealth hit a record high last year thanks to historically low interest rates and tax breaks handed to property buyers.

If you cannot afford the entire down payment and mortgage payments for a home that satisfies your needs in Kent, you can purchase a home through the shared ownership program. You buy a portion of the property and pay rent on the remaining portion.

When you purchase a home through shared ownership, you buy a share of the property for between 10% and 75% of its total market value. You often pay monthly ground rent and service charges, such as for the upkeep of shared spaces, and rent to the landlord for the piece of the property they hold. Here is a guide to shared home ownership in Kent.

Assess your budget

Contact a financial counselor, your bank, or building society to inquire about getting a mortgage to see if you can afford to purchase a property. Informing them of your plans to buy a shared ownership property and your need for a mortgage offer in principle is a good idea. You must additionally disclose that it is a new build if it is not a resale. In addition to having savings you can use as a down payment, you’ll need between £3,500 and £4,000 to cover all the charges related to purchasing a home.

Locate a property

You can purchase:

  • A brand-new residence.
  • An existing residence through shared ownership selling program.
  • A house that accommodates your needs, a ground-floor apartment, would be an example if you have a long-term impairment.

Housing organizations like Moat homes, municipal governments, and other institutions provide shared ownership housing. The landlord may refer to them as “providers.”


You must fill out an application form and submit the necessary supporting documentation. They may include:

  • Identification proof (a full-color copy of your passport, photo driving license)
  • Verification of savings.
  • Proof of income (pay stubs covering the last three months or three years’ accounts if you are self-employed, i.e., copies of your SA302s and your latest P60)
  • A letter to show that you are in permanent employment etc

Analysis of affordability

Affordability assessments are a requirement for all applicants in some organizations. An Independent Financial Advisor who the company has approved conducts this evaluation, which provides all applicants with a recommendation for the appropriate share level they can purchase.

The assessment considers gross income, bonus and overtime amounts, working tax credits, disability assistance, and guaranteed maintenance. Then they review your application and determine whether you are eligible to own a home. The organization sends you an official offer to purchase the property if your application is successful.

Choosing a lawyer and setting up your mortgage

You must select a lawyer with shared ownership experience. Before choosing one, you should call a few solicitors to learn how much their fees are, considering local searches, stamp duty, and other expenses related to purchasing a house.


Kent is a great place to own property. Shared ownership is a low-cost home ownership program that facilitates property ownership for qualified buyers. Buyers pay rent on the portion of the property they can afford while obtaining a mortgage for the remainder.