Yes, first-time buyers can apply for a shared ownership mortgage, as long as they meet the scheme requirements and the lender’s mortgage criteria.
Because shared ownership involves both a mortgage and rent, lenders will look carefully at your income, deposit, affordability, credit history and monthly commitments. They may also consider service charges, ground rent and the size of the share you want to buy.
At Protect & Lend, we can help you understand what may be realistic before you apply.
A shared ownership mortgage helps you buy a share of a property. You then pay rent on the remaining share, usually to a housing association, local council or another provider.
Your deposit is usually based on the share you are buying, not the full value of the home. This can make shared ownership feel more accessible for some first-time buyers.
Over time, you may also be able to buy more shares in the property. This is known as staircasing. If you buy more shares, the rent you pay on the remaining share may reduce.
We look at your income, deposit and monthly costs.
We explain what lenders may consider.
We compare suitable options from our lender panel.
We help you understand how extra costs may affect affordability.
We guide you through the documents lenders may need.
We help you move forward with more confidence.
Shared ownership can help reduce the size of the mortgage you need, but it is still important to understand the full monthly cost.
As well as your mortgage payment, you may need to budget for rent on the remaining share, service charges, ground rent, buildings insurance and general household costs.
You should also check whether the property, lease terms and share size meet the lender’s criteria. Speaking to a mortgage broker early can help you avoid delays and understand whether shared ownership is the right route for your circumstances.
Shared ownership mortgages can be more complex than standard first-time buyer mortgages. Not every lender offers them, and criteria can vary depending on the property, share size, affordability and scheme details.
Protect & Lend can compare suitable mortgage options from a wide panel of 130+ lenders and explain your choices clearly.
For first-time buyers, this can make the process feel less overwhelming and help you approach the application with a clearer plan.
Get shared ownership mortgage advice
If you are thinking about buying your first home through shared ownership, Protect & Lend can help you understand your options before you apply.
From affordability checks to lender comparisons and application support, our advisers can guide you through the process from the start.
Talk to Protect & Lend today about shared ownership mortgages for first time buyers.
No, shared ownership is not always only for first-time buyers. However, many first-time buyers use it as a way to get onto the property ladder when buying outright is not affordable.
Yes, you will usually need a deposit. The deposit is normally based on the share you are buying, rather than the full market value of the property.
It may be possible, depending on your circumstances, credit history and the lender’s criteria. Protect & Lend can review your situation and explain what options may be available.
Yes. Getting advice before reserving can help you understand what you may be able to afford and which lenders may be suitable for your circumstances.
They are not always harder to get, but they can involve extra criteria. Lenders may look at your mortgage payment, rent, service charges and wider affordability.
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If you are thinking about shared ownership mortgages and want clear, straightforward advice, we are here to help. Speak to Protect & Lend about your options and find out what may be available for your circumstances.