Shared Ownership Loans

  • Secured loans on your shared ownership property from £5,000 to £100,000

  • Repayment terms from 36 months to 20 years

  • Rated 'Exceptional' by customers on feefo

  • Regulated by the Financial Conduct Authority

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Are you managing multiple credit agreements?

Did you purchase your property under the shared ownership property scheme? If so, and if you need to borrow money, you might be able to take out a shared ownership loan.

At Evolution Money, we offer secured shared ownership homeowner loans from £5,000 to £100,000 with repayment terms that are tailored to your circumstances. We may even be able to help if you have bad credit – and your initial application won’t impact your credit score.

  • Image Loans from £5,000 to £100,000

    Loans from £5,000 to £100,000

  • Image Terms over 3 to 20 years

    Terms over 3 to 20 years

  • Image Advice from a qualified adviser

    Advice from a qualified adviser

Start your shared ownership loan application today

Ready to apply? Check your eligibility for a shared ownership loan today and get the ball rolling.

FAQs about loans for shared ownership loans

How does a shared ownership loan work?

Here’s how to get a shared ownership loan from Evolution Money:

  1. Apply for a shared ownership loan online. The amount you ask for should cover the total amount you require for your home renovation or debt consolidation. You may need permission from the housing association or other part-owner before applying.
  2. Once you’ve received the loan, use the funds to cover what you needed it for. If you’re taking out a debt consolidation loan, we’ll pay your creditors directly instead.
  3. Pay off your shared ownership loan, plus any interest that’s owed over the repayment term you’ve chosen. After your final repayment, that’s it!

 

 

 

 

What is a shared ownership loan?

A shared ownership loan is a secured loan that’s suited to those who bought their home under the shared ownership scheme. It works like our homeowner loans and is secured against the equity you hold in the portion of the property that you own.

You’ll be assessed against our lending criteria and, if your application is approved, you’ll make monthly repayments – including interest on top – until you’ve repaid it in full, just like a typical secured loan agreement.

How does a shared ownership loan differ from other homeowner loans?

The loan is secured against the equity in your portion of the property, rather than the property as a whole. However, the entire home could still be at risk if you default on the loan.

The shared ownership structure remains intact; the loan is solely against your stake. But the risks are shared.

When would I need a shared ownership loan?

There are several reasons why you might need to take out a shared ownership loan. It may be that you need to access a large amount of money for repairs or renovations to your property.  You might want to buy a big-ticket item like a family car, or maybe you want to borrow so you can consolidate your debts?

If either of these scenarios apply, a secured loan on your shared ownership property could be right for you. This is because you could be accepted even if you have a less-than-perfect credit history.

Can I apply for a shared ownership loan with bad credit?

We do consider applications from those who have poor or limited credit. Each application is assessed on a case-by-case basis, considering factors such as the amount of equity in your share of the property, your income and your credit history. While bad credit may impact the terms of the loan, it doesn’t automatically disqualify you from being eligible.

So, if you meet our criteria, apply today for a free personalised quote. There’s no obligation to go further.

What are the benefits of a shared home loan?

There are several advantages of taking out this type of loan:

  • You might be able to borrow more than with other types of lending due to the secured nature of the loan. This could mean you have the money in place for important updates to your home. For example, you can shop around for high-quality materials and supplies, investing in home renovations that will last.
  • You’ll be considered for this type of loan even if you have poor credit. This can be a major plus if you’re hoping to use the money to get your finances back on track.
  • Also, you can spread the repayments over longer periods. Although this means more interest paid, it also means that you can pay smaller amounts off the loan each month.

Things to consider about shared ownership loans

Before you commit to a shared ownership secured loan, it’s important that you consider what’s involved:

  • You’re responsible for meeting the repayments in full and will need to pay off the loan on time.
  • The money you’re borrowing is secured against your equity in the portion of the property you own. This means that your portion of the property becomes collateral.

Am I eligible to make a shared ownership loan application?

You could apply for a shared ownership loan if:

  • You have equity in a property through the shared ownership scheme
  • You’re aged between 21-70
  • You’re a UK resident
  • You can afford the repayments from your regular income

Why choose Evolution Money for your shared ownership secured loan?

If you want to borrow money for a large purchase or debt consolidation and your property is under a shared ownership scheme, a secured loan from Evolution Money could offer a solution. Here’s why you can come to us in confidence:

We’re trusted

We’ve already helped over 31,000 customers access funds to meet their needs. Take a look at our customer stories to learn how we’ve supported them.

We know you’re more than your score

We look beyond your credit score so, even if you have a poor rating or limited credit history, we may still be able to help.

We’re transparent

You’ll see a full breakdown of the costs when you get your free personalised quote.

We’re exceptional

Our customers rate us ‘Exceptional’ on feefo based on thousands of reviews.

We’re regulated

We’re regulated by the Financial Conduct Authority and are members of the Finance and Leasing Association.

Am I eligible for a shared ownership loan?

We offer a shared ownership loan to those who invested in the shared ownership scheme, some of which are government-backed initiatives designed to help buyers who might find it difficult to buy a home outright.

The scheme allows you to purchase a share of a property, typically between 25% and 75%, and pay rent on the remaining share. The scheme is primarily aimed at first-time buyers, those who have previously owned a home but can no longer afford to, and those whose household income is less than £80,000 (£90,000 in London). The rest of the property is typically owned by the local council, a landlord or a housing association.

If this is how you came to own some of your property, a shared ownership loan could be suitable for you.

How do I make an application for a shared ownership loan?

Once you’ve considered the pros and cons, check your eligibility for a shared ownership loan from us. Tell us how much you want to borrow and for how long. We’ll perform checks to see if you qualify. None of this will impact your credit score.

If eligible, you’ll speak to one of our qualified mortgage advisors. They’ll contact you to discuss your application, provide a personalised loan offer and run an initial affordability check.

How much can I borrow?

With our shared ownership loan, which is a secured homeowner loan, you can typically borrow between £5,000 and £100,000. This depends on the equity you have in your portion of the property and other lending criteria. The amount you can borrow is based on the value of your share in the property and your ability to repay the loan (income, expenditure and credit score).

How long are the repayment terms?

You can decide on a repayment timeframe for your shared ownership loan between three and 20 years.

A shorter term means you can pay off your loan sooner with less interest overall but you’ll have to make larger monthly repayments than if you opt for a longer term. If you decide on a longer repayment schedule, you have the advantage of lower monthly repayments but you’ll pay more interest – increasing the overall cost of your loan.

Are there any fees with a shared home loan?

There’s a Lending Fee of £807 and a Product Fee, which is a percentage of the amount you’re borrowing. Your personalised quote includes a breakdown of all the costs involved. These fees can either be paid upfront or added to the loan and spread out over your repayment term.

Start your shared ownership loan application today

Ready to apply? Check your eligibility for a shared ownership loan today and get the ball rolling.

Check your eligibility

Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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