We wanted to bust some myths this Christmas as we love Shared Ownership and all it has to offer! Find out more below before making the move in 2021.


1. Myth: If you buy with Shared Ownership you can’t have a pet!

Truth: This is not true, when you buy with VIVID you can have a pet to make your home feel like home, and you don’t have to tell us about it.

2. Myth: You’re still renting, so you can’t decorate a Shared Ownership home

Truth: One of the biggest attractions of buying through Shared Ownership is that you are the homeowner and have full right to decorate as you wish. You can paint each room a different colour, create a feature wall out of your favourite artwork or use some lovely wallpaper, it’s completely up to you. It’s your home, your rules!

3. Myth: Shared Ownership is only available to first time buyers

Truth: While Shared Ownership is a great for first time buyers who are looking to get a foot on the property ladder, it isn’t just for them. As long as you meet the eligibility criteria, and you do not own another home (or you’re in the process of selling your current property), the Shared Ownership scheme is open to anyone over the age of 18.

4. Myth: Shared Ownership is more expensive as I have to pay rent and mortgage every month

Truth: In many cases, the monthly payments for a Shared Ownership property is less than renting privately, just with the added benefit of owning a share in your home!

With Shared Ownership, you pay a mortgage on the percentage share that you own and a below-market-value rent on the remainder to a housing association. It’s also worth noting that if you choose to buy more shares in your home, your mortgage payments will increase but your rent will decrease in turn.

5. Myth: You can’t buy family homes in the country, it’s only small apartments in busy cities

Truth: With Shared Ownership homes available up and down the country, and with so many providers building these homes, it’s only right that the scheme offers a good mix of properties. From studio apartments, one and two bedroom flats, to three and four bedroom houses, there’s something for every buyer. 

6. Myth: I’m struggling to save for a deposit, I’ll have the same issue with Shared Ownership

Truth: The great thing about Shared Ownership is that you only need to raise as little as a 5% deposit of the share that you are purchasing, not on the full market value of the property!

7. Myth: You can never really own a Shared Ownership property

Truth: Once you’ve moved into your Shared Ownership property you are able to buy more shares through a process known as staircasing. This will increase the share of the property you own while decreasing the rent you pay, and in most cases you can go on to buy 100% of your property. 

8. Myth: It’s really hard to get a Shared Ownership mortgage

Truth: It’s true that not all lenders will provide mortgages for Shared Ownership, but the majority will! Plus, all mortgage lending is calculated on a similar affordability calculator, which means it comes down to your income, outgoings, credit rating and the size of your deposit – the same as if you were buying on the open market.

9. Myth: You can’t sell a Shared Ownership home

Truth: This isn’t the case – Shared Ownership is available on both new build and re-sale homes that are being sold by the current owners! For some customers, Shared Ownership is a stepping stone towards 100% ownership and for others, as circumstances change, they may wish to sell their home.

When you want to sell, you need to let us know. As there are often long waiting lists for Shared Ownership homes, we will try to help you sell your home to other buyers who are looking to purchase through the scheme. After this time, you will be able to advertise the property yourself, selling privately or through an estate agent of your choice.

10. Myth: Lots of people earn too much money to apply for the scheme

If you want to apply for a new build home, or resale home, all applicants must have a household income of less than £80,000. If you're buying with someone else, the joint income before tax and deductions must be below the limit to be considered. 

We hope the information is helpful, and if you still have any questions you'd like to ask us please email sales@vividhomes.co.uk

Visit our property pages to see all of the new homes we currently have on offer, take a look 

Merry Christmas and best wishes for 2021!