How Shared Ownership is Funded

There are several ways you can fund your share of the purchase - these are explained below. Please do read the Funding section on the Frequently Asked Questions page for more detailed information.

Ways you can fund your share of the purchase:

1. If you have no employed income in the household or limited income or thinking of working int the future and can’t get a mortgage through the traditional way you might be eligible for the HOLD mortgage which can be arranged through a specialist broker MySafeHome. The mortgage is an interest only mortgage up to a maximum of £100,000 providing you fit the criteria:
   • Have no bad debt or outstanding debt
   • Have a clean credit record and can provide proof from a Credit bureau e.g. Equifax, Experian
   • Have mental capacity or a court appointed person to act on your behalf for property and finance affairs
   • Have  funds available to buy at least a 25% share of the property price. A breakdown of this will be provided to you by MySafeHome when you contact them.
2. If you have sufficient employed income from you and/or someone in your household that are going to live with you – it might be possible to source your own mortgage and or funding through a private broker or high street lender
3. Additional funding from inheritance, other family members or trust funds that can be sufficient to buy your share and pay for associated costs. This amount will depend on the property price and your own personal circumstances.
4. Funding from a Health Provider e.g. NHS, Department of Health or local authority
5. A combination of 1 and 3 and 4

Advance contributes its own funding along with a grant from Homes England. This grant dictates where we can offer HOLD. If a grant from Homes England is not available, then it can be replaced by funding from your family or friends or a Trust (in the form of a loan).