Buying more shares in your home

You can usually buy more shares in your property as soon as you’ve moved in. Most mortgage providers will consider remortgaging your home, providing you with the money to buy more shares when you can afford to. The most common time to consider staircasing is after your initial mortgage term comes to an end; at that point, you’ll need to speak to your mortgage provider to see if you can borrow more. Or, if you have the cash to buy more, you can do so. Get in touch with Oxford City Council for more information.

There is a new model of shared ownership which means you can buy as little as 1% more shares of your home – This used to be and in some cases still is 5%. This helps you take a gradual approach to owning more of your bricks and mortar. All shared ownership homes built from 2022 onwards will be sold using this model.   You can check your Lease to find out what further % levels of your property you can buy, or alternatively, contact Oxford City Council who will be able to advise you.

The value of the extra share you buy will be based on the full market value of your home at the point you buy it, not on the original purchase price. Remember there will be costs to pay such as solicitors fees whenever you buy a new share, so you would usually buy as much as you can afford from the start.