Shared ownership schemes are a mix of buying and renting. You buy part of the property and rent the other part at a reduced rate. Anyone is eligible for shared ownership providing household income is below £80,000 (£90,000 in London) Once you have bought your initial share you will have an option to buy a bigger share of the property at a later date, this is known as stair-casing. Your monthly payments will consist of a payment to the mortgage provider for the share you have bought, and a payment of rent to the landlord who owns the remaining share in the property.