I can’t afford a deposit on a property in London

With Shared Ownership you don’t need a huge deposit. The way it works is simple. Under the scheme you part own and part rent your home. You’ll start with buying a share of a property (anything from 25% to 75%) on a 125 year lease – the length of the lease may vary. This means you’ll only need to find a deposit amount for the share that you’ve bought. You’ll also pay for a mortgage corresponding to the size of the share that you own, and you’ll pay rent on the rest.

So if for example you buy a 35% share in your home, your deposit will only be 5 – 10% of the share you purchase.

How much would you pay?

If you decide to buy 35% of a £400,000 L&Q home1:

You’ll need a deposit of at least 5% – £7,000

Monthly payments:
Mortgage – £777.50 (if you have 5%)
Rent – £595.83 (if you have 5%)
Service charge – £150 (may vary)

Note: If you have higher savings for a deposit your monthly payments will reduce accordingly or you may be required to buy a larger share.

Nico and Lina bought their flat in 2014

“Not even in my wildest dreams did I think we were going to get this size flat. Especially in London.”

Are you eligible?

The Shared Ownership scheme is aimed in particular at first time buyers and people who used to own a home but have since sold it and are unable to buy on the open market.

If you want to buy a Shared Ownership property you’ll need to have a combined household income of less than £90,000 within London and £80,000 outside of London.

Priority is given to members of the military.

As of April 2016 you are no longer required to live or work in the area that you intend to buy in, however there may be a few exceptions to these rules where historic agreements have been made with local authorities about particular properties. You can find out who’s eligible to live in each development by checking the property listing for the property you are interested in. We’ll post the eligibility criteria for our properties as soon as we can, but sometimes this is unavailable until closer to the launch.

Reaching your goal and raising the deposit

Boost your savings! Click on the images below for some tips.

Now that owning your own home is within reach, it’s time to decide which area suits you best.

Are you North or South?

Are you East or West?

Next Steps

Now that owning your own home is within reach, it’s time to decide which area suits you best. See all new L&Q Shared Ownership properties as they are released by visiting our property page.

Check whether you are eligible for Shared Ownership by completing the application form.

(1) Your home is at risk if you fail to keep up repayments on a mortgage, rent or other loan secured on it. Please make sure you can afford the repayments before you take out a mortgage.
* The figure quoted is a percentage share and is a guideline and may vary according to individual incomes and circumstances. FOR FULL TERMS & CONDITIONS please visit www.lqpricedin.co.uk.
* Rent example is based on 2.75%. Mortgage rate based on example 5%.