Shared Equity or Shared Ownership

Transferring Shared Equity or Shared Ownership mortgages

If you have an existing mortgage on your current home, you will have to make a new application to transfer your existing mortgage, with your current or new lender, to any new property.

Discounts

Depending on your circumstances, you may have to give back some of the discount you received when purchasing your council home.

You’ll have to pay back all of the discount if you sell within the first year. After that, the total amount you pay back reduces to:

  • 80% of the discount in the second year
  • 60% of the discount in the third year
  • 40% of the discount in the fourth year
  • 20% of the discount in the fifth year

The amount you pay back will depend on the value of your home when you sell it.
If you sell your home within 10 years of buying it through Right to Buy, you must first offer it to either: your old landlord or another social landlord in the area.

View further information.

If a compulsory purchase order (CPO) is made by the council, then the discount pay back arrangements will not apply. Properties which are subject to a CPO are exempt from these pay back arrangements.