When you buy through Co-Ownership, you're taking on many of the same responsibilities as any homeowner. The difference is that your upfront costs are lower as you're buying a share of a property, rather than the whole thing.
How much you'll pay each month
Your monthly costs with Co-Ownership depend on whether you’re a Co-Own, or Co-Own for Over 55s customer.
If you're buying through Co-Own, your costs are made up of three main parts.
- You'll pay a mortgage on the share of your home that you own, paid directly to your mortgage lender. The amount depends on the size of your share, the interest rate, and the length of your mortgage term.
- You'll also pay rent to Co-Ownership on the share we own. This is typically lower than private rent because it's calculated differently, we charge a percentage of the property value rather than market rent rates and your rent is reviewed annually.
- Finally, you're responsible for all household bills and costs including buildings insurance (which is required), contents insurance (which we strongly recommend), utility bills, council rates, service charges if applicable, and all day-to-day maintenance and repairs.
If you're buying through Co-Own for Over 55s, you won't have mortgage payments because you're using savings or equity from your current home to fund your share of the property. Your monthly costs are made up of rent to Co-Ownership on our share, plus all your household bills and costs, just like any homeowner.
As you're buying a share of your home rather than the whole property, your monthly payments are lower than buying outright. This makes home ownership more affordable while you build equity in a home that's yours.
Upfront costs
Getting into your home involves some one-off costs, just like any house purchase.
If you're buying using a mortgage through Co-Own, you'll need to confirm with a lender how much you can borrow, instruct a solicitor to handle the legal work, and pay for a survey if your lender requires one. Some lenders offer mortgages that don’t require a deposit, making it easier to take that first step. There are Application Fees, Property Assessment Fees and Legal Fees involved in the Co-Ownership process.
If you're buying through Co-Own for Over 55s, you won't need to arrange a mortgage, but you'll still need a solicitor for the legal work and you'll pay the same Co-Ownership Assessment and Property Assessment Fees.
We know these upfront costs can feel daunting, especially if you're new to home ownership. Learn more about fees and upfront costs to understand exactly how much you'll need to budget for.
Your responsibilities as a Co-Owner
When you buy through Co-Ownership, the home is yours to live in and look after. That means you're responsible for all repairs and maintenance, from fixing a leaky tap to replacing a broken boiler. We don't cover these costs, they're part of being a homeowner.
- You must arrange buildings insurance, which is a requirement of your Co-Ownership agreement. This protects the property structure in case of damage from fire, flood, or other insured events.
- You're responsible for keeping the property in good condition, which includes regular upkeep both inside and outside. This protects the value of your home over time.
- You'll need to seek approval for structural changes, such as extensions, loft conversions, or removing walls. Most everyday improvements like decorating or fitting a new kitchen don't need our permission, but anything that changes the structure does. You'll find more detail in making home improvements.
Read more about your responsibilities including what improvements you can make without having to run them past Co-Ownership.
Growing your share over time
One of the biggest advantages of Co-Ownership is flexibility. You can stay exactly as you are for as long as you like, or you can increase your share whenever it suits you.
Buying more of your home in steps lets you gradually increase your ownership from your starting share all the way up to 100%. Each time you buy more, the amount of rent you pay each month goes down because you own a bigger portion. You can buy in 5% steps or larger blocks, depending on what works for your finances.
Buying us out completely means you own your home without Co-Ownership. If you have a mortgage through Co-Own, you'll still pay that until it's cleared, but you'll no longer pay rent to Co-Ownership. If you're a Co-Own for Over 55s customer with no mortgage, you'll no longer have to pay any rent and own your home completely.
This is one of the key benefits of Co-Ownership: you're in control of when and how much you buy. There's no pressure, no set timeline, and no penalty for staying as you are. Many of our customers increase their share when they receive an inheritance, or remortgage (Co-Own only), but lots stay on their starting share too.
Find out how to buy more of your home or use our buying out calculator to work out what it might cost.
Can you afford Co-Ownership?
Before you apply, it's worth taking time to understand what you can realistically afford, not just now, but over the long term. Our affordability calculator helps you work out what share you might be able to buy, what your monthly costs could look like, and whether Co-Ownership is the right option for your circumstances. It takes a few minutes and gives you a clearer picture before you take the next step.
Check your affordability
What fees are involved?
Understanding what you'll pay helps you plan with confidence. From one-off fees when you apply to monthly rent and mortgage payments, we break down all the costs involved in buying through Co-Ownership. Get a clear picture of what to budget for, so there are no surprises along the way.
Learn more about fees