FLOODING, WARRINGTON (Jan 2021): We are continuing to support a significant number of people impacted by the floods in Warrington.  We are doing our best to respond to all queries, but are under extreme pressure so you may experience some delays.  We appreciate your patience..


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What is shared ownership?

If you want to get on the property ladder but can’t afford the mortgage on 100% of a home, Shared Ownership could help.

Shared Ownership, available on new properties, lets you buy a share of the home and pay a low rent on the remaining share that we own.

You start by buying between 25% and 75% of the full value of the property and can buy more shares when you can afford to, until you eventually own the home outright.

You could buy a home through Shared Ownership if:

  • Your household earns less than £80,000 a year
  • You’re a first time buyer
  • You used to own a home but can’t afford one now

How it works

You will need to take out a mortgage to pay for your share of the home’s value.

You’ll also need to pay a mortgage deposit, usually around 5% of the value of your mortgage.

Each month you’ll need to pay:

  • Your mortgage repayment to the mortgage lender
  • Your rent. This is based on the share of the property you don’t own, set at a low rate to make your home affordable
  • If you buy an apartment or a house on an estate with shared areas, you will also pay a service charge for the upkeep and maintenance of these communal areas.

If you’re interested in buying a new home through shared ownership and want to see what’s available, visit www.torushomes.co.uk

To find out more about Shared Ownership, contact the sales team.

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