The dream of owning a home has long felt out of reach for many, especially with rising house prices, high mortgage rates and the financial burden of saving for a substantial deposit.
But the Government-backed shared ownership scheme offered by Plumlife Homes is here to help.
Shared ownership offers a straightforward, flexible route to homeownership. Instead of purchasing a property outright, you can purchase a share that you can afford – typically between 25% and 75%. In some cases, you can buy from as little as 10% of a home, if that’s the share level that’s affordable to you.
You’ll then pay subsidised rent on the remaining share alongside your mortgage costs. This approach requires a much smaller deposit compared to when buying a home on the open market, making it ideal for first time buyers or those with limited savings.
What deposit will I need to buy a shared ownership home?
You can normally put down as little as a 5% deposit* of the share that you are buying, rather than the full market value. So, if a new home costs £400,000, you could buy a 25% share for £100,000 with a 5% deposit of £5,000.
The smaller deposit requirement is one of the main reasons why shared ownership is known for being the affordable way to buy a new home.
If you’re curious about how much a shared ownership home would cost you, then head over to the Plumlife website where you’ll find a helpful affordability calculator which can estimate your monthly payments and required deposit, providing a clear picture of what you can afford.
What next?
In the future, if your circumstances change, you can usually buy more shares of the property or even purchase it outright through a process called “staircasing”.
Whether you’re a single professional, a growing family, or someone re-entering the housing market, shared ownership provides an affordable and sustainable path to making your dream of owning a home into a reality.
Get your facts right
We’ve made shared ownership sound simple so far, right? That’s because it is! But we know that it isn’t always easy to understand the process straight away and there are a few myths to bust too, you may have already heard a few of them yourself!
“Shared ownership is only for first time buyers.” “You can’t sell a shared ownership home after you’ve purchased it.” “You have to share your house with someone.”
We’ve heard them all before, but none of these statements are actually true! That’s why we’ve created a handy information hub on our website, where you can find out everything you need to know about shared ownership.
Why choose Plumlife?
Plumlife has been at the forefront of making homeownership accessible in the North West and beyond for more than 25 years, offering a variety of well-designed, affordable homes through shared ownership.
The thought of buying a house may seem exciting yet daunting at the same time, but Plumlife have a team of friendly experts who are on hand before, during and after your home buying journey to answer any questions you may have. We’ve already supported thousands of customers who are now proud homeowners.
Don’t just take our word for it
We have countless examples of people who thought the idea of homeownership felt impossible until it actually became a reality. Meet the people whose lives have been transformed by Plumlife’s shared ownership scheme:
Dania: a journey from uncertainty to security
When Dania first set out to buy her home, she faced the harsh reality of the housing market. With high property prices in the area she wanted to move to, her options seemed bleak. Then she discovered Plumlife.
In 2021, Dania took the leap and purchased a 50% share in a new home in Manchester, with the intention of one day owning her home outright.
By 2023, thanks to careful planning, alongside support from Plumlife, Dania turned her dream into a reality and bought her property outright.
She said, “I would definitely recommend the shared ownership scheme to anyone else, as it allowed me to buy my own home.”
Jennifer: building a new life for her family
And then there was Jennifer, a single mother of three, whose life took an unexpected turn after a breakup.
Forced to sell her family home in the North East, she wanted to start over in her home town of Lancaster, determined to create a stable environment for her daughters.
Given the high interest rates and cost of living crisis, she thought she was looking at renting or buying a house that she would have a spend a fortune on to bring it up to her standards.
Then Jennifer stumbled across a shared ownership property at a Plumlife development where she was able to secure a 25% share in her home. Not only is she spending less each month compared to privately renting, but her family finally have a place to thrive.
Jennifer said, “I dread to think what situation we would have been in had we not found Mabel Gardens. The shared ownership scheme has been a god send for me and my girls. We couldn’t ask for more.”
You can view their stories, and many more from people who have found their forever homes on the Plumlife website.
Will you find your new home at Worrall Street?
Launching in Spring 2025, Worrall Street offers an exciting opportunity for homebuyers. Situated on the banks of the Manchester Ship Canal, near Salford Quays, Worrall Street features 160 beautifully designed homes, including apartments and townhouses.
One thing that sets Worrall Street apart is its interior design collaboration with Lynsey Ford, former winner of BBC’s Interior Design Masters. Lynsey has created a bespoke design for the shared spaces and show homes, blending affordability with stunning aesthetics.
Her work aims to inspire buyers to see how stylish and functional a shared ownership home can be, while being mindful of budget constraints.
The location is another standout feature. With Salford Quays’ vibrant culture, bars, and restaurants just a short walk away, and Manchester city centre a quick tram ride from your doorstep, Worrall Street offers the perfect mix of connectivity and community.
Rent to Buy
If you’re not quite ready to buy, Worrall Street also offers Rent to Buy apartments. This unique scheme allows you to rent at a discounted rate while saving for a deposit, making homeownership achievable on your timeline.
Step on to the property ladder
If homeownership has felt like an unattainable dream, Plumlife’s shared ownership scheme is here to change that. With affordable options, supportive guidance, and inspiring developments like Worrall Street, this could be the year you take that first step onto the property ladder.
Visit Plumlife’s website to explore available homes, understand more about how Shared Ownership works, calculate your affordability, and turn your dream of owning a new home into a reality.
*Subject to individual circumstances, lender requirements and eligibility checks.
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
