Buy your own home step-by-step using Staircase, our shared ownership scheme.
What is Staircase?
Staircase is our own version of the government-backed Shared Ownership Scheme that has helped thousands of people onto the property ladder.
It's a clever and practical way to own a brand new Charles Church home; mixing renting and buying under one roof. Designed to help you step onto the housing ladder faster, and in a much more affordable way, it enables you to become a homeowner at your own pace, one step at a time.
How does it work?
- If you're eligible for the scheme, you pay a small deposit, buy the percentage share you can afford* through a Shared Ownership Mortgage, and rent the rest until you can afford to own 100%.
- Your monthly payment consists of the mortgage on the share you have bought, plus the rent on the share that you rent.
- The rent you pay is a subsidised rent paid to our Shared Ownership partner, RESI (calculated using a Government formula) that increases annually on the share of the property that you don't own.
- So you part-buy/part-rent, buying more shares as and when you can afford to, until your home is all yours!
See this example for a house with a purchase price of £275,000.
As your finances improve over time, you can review and change the buy/rent percentage split on your home, until you own 100%**. This is called staircasing!
- The cost of more shares will be based on their value at the time, not their value when you first bought the home. Your solicitor will explain the legal costs involved each time you staircase. However, if you buy in 1% increments, there are no fees.***
- The time frame is completely up to you, and there's no pressure to buy more shares at any time.
Is Staircase for you?
Staircase could be the perfect solution if:
- You're 18 or older
- Your household income is £80,000 per year or less (£90,000 or less in London)
- You can't afford all of the deposit and mortgage payments for a home that meets your needs
- You don't currently own a home.
One or more of the following must also apply to you:
- You're a first-time buyer
- You used to own a home but can't afford to buy one now
- You're forming a new household - for example, after a relationship breakdown
- You're already a shared owner but want to move
- You own a home and want to move but can't afford anything that meets your needs (local conditions may apply)
If you still have questions about availability, speak to an independent financial advisor.
1.Do I still need a deposit?
Yes, you will still need a mortgage for the share of the home that you are buying, for which you will need a deposit of typically 5% of the value of the share.
2.Who is our Shared Ownership partner?
Our Shared Ownership partner is RESI, who have a 20 year history of financing and advising the affordable homes sector. They have a portfolio of over 700 Shared Ownership homes.
3. Does shared ownership mean I will be sharing my home with other people?
No! The house is all yours however RESI (our Shared Ownership partner) will still legally own the remaining share that has not been bought by you.
4. Can I buy 100% at any time?
Yes. Initially you start with a share of 10-75%, then after you’ve moved in, you can ‘staircase’ to buy more — see page 10.
5. Can I decorate as I want, or do I need permission?
It’s your home, so we encourage you to make it yours. You don’t need our permission.
6. What happens when I want to sell?
You’ll need to get a valuation and then a price will be agreed based on the market value at the time of selling. We’ll try to find a buyer, but if it doesn’t happen within 4 weeks, you can put it on the open market.
7. What type of contract will be entered into?
A standard Homes England Shared Ownership lease will be entered into with RESI as a party to the lease.
* You can purchase between 10-75% share of the property and pay rent on the remaining share. Remember you must buy the maximum share that you can afford.
** In some areas the maximum % share that you can own is 80% - if this applies to the home you're buying this will be explained to you at the outset.
***You can buy shares at 1% per year for up to 15 years. This is linked to HPI or a recent valuation.
Please note: Staircase is currently only available at our Whitworth Dale development in Derbyshire. It is anticipated that the programme will be extended through 2023