Staircasing through Shared Ownership: West Midlands new homes provider outlines route to full homeownership

The housing association provides a number of Shared Ownership homes across the West Midlands, with the Staircasing route providing the opportunity for buyers to gradually increase their owned share over time up to 100 per cent.

The concept of Staircasing helps to dispel the common misconception that Shared Ownership is permanent, with buyers able to reach their goal of homeownership either very quickly or over a slower period.

Bromford Shared Ownership gives first-time buyers and those who do not currently own a property the opportunity to secure a newly built home with Bromford. Homebuyers pay a mortgage on the share they own, and pay rent on the remaining share, meaning only a smaller deposit is required.

Then, when the time is right, the homeowners can purchase more shares through a process called staircasing, gradually increasing the ownership of the home.

Staircasing offers the flexibility for owners to react to changes in their personal finances, purchasing more shares as their income improves, while simultaneously reducing their rental payments each month.

This gives Bromford Shared Owners the chance to achieve their homeownership goals at their own pace, without high mortgage payments or variable rates putting pressure on their finances.

Those who staircase also feel more control over their route to homeownership, often waiting until they feel financially secure before taking that next step, building equity within a timeframe that suits them and their circumstances. 

Bromford has successfully collaborated with a number of esteemed partners within the county, reassuring Shared Owners and those staircasing that they’re settling down in high-quality, energy-efficient homes as they assess their owned share.

Within the time that ownership of the home is shared, market conditions may dictate a difference in value from one period of Staircasing to the next, with each increase of equity subject to a valuation from an accredited surveyor to ensure the costs paid are fair and reflective of the current market.

Catherine Jarrett, Director of Sales and Marketing at Bromford, said: “Staircasing is a great method for our Shared Owners to have full control over their homeownership journey.

“Buying a home, even through a more affordable scheme like Shared Ownership is a huge step which requires careful consideration, so for buyers to be able to increase their owned share at a pace which suits them is important.

“We’re delighted to be supporting our buyers through the nuances of Staircasing and helping them towards their goal of 100 per cent outright home ownership.”

For more information on Staircasing, please visit bromford.co.uk/sharedowners/?page=sharedstaircasing.

For more information on Bromford’s available homes, please visit bromfordhomes.co.uk.