Trussle opens doors to Shared Ownership

Online mortgage broker, Trussle, is now advising on Shared Ownership mortgages with access to over 150 specific Shared Ownership mortgage products.¹

5th August 2019: In a bid to help make home ownership more accessible, the online mortgage broker, Trussle, has opened its door to Shared Ownership customers, to provide more people with specific advice for their home ownership needs.

Shared Ownership offers people a more affordable route to home ownership by buying a share of their home between 25% and 75%, and paying rent and service charge on the remaining share. Homeowners are then able to gradually build up the amount of their share in the home, known as ‘staircasing’, with the option to buy up to 100% of their home.

The demand for this scheme has grown with over 13,400 Shared Ownership completions in 2018, a 69% increase than those in 2010.² More than 200,000 households are now living in Shared Ownership homes.³

Working with 90 lenders, Trussle’s Customer Operations Team of over 60, has access to over 150 Shared Ownership mortgage products.⁴

Trussle has created a guide to shared ownership, which is available here.

Ishaan Malhi, CEO and founder of online mortgage broker, Trussle, said,

“Our research shows that more than half (58%) of people aged between 18 and 34 are still living with their parents⁵, highlighting the financial struggles they face as they attempt to step a foot on the property ladder.

At Trussle, we’re fighting for fairer mortgages to make home ownership accessible across the board. That’s why we’ve taken the decision to open our door to shared ownership applicants, to help more young people buy their first home, as well as help growing families, downsizers, divorcees and people moving regions for work, into affordable homes.” 

Dilpreet Bhagrath, Mortgage Expert at Trussle, added,

“The reality in today’s housing market is that many renters are unable to save enough for a deposit to buy their own home due to steep rental payments and living costs. With average house prices nearly eight times the average UK wage⁶, it's clear to see how many people struggle to get onto the property ladder.

Shared ownership could offer a route into home ownership more quickly than buying a home outright. While there are still rental payments due on the share of the property that you don’t own, it’s possible to build equity in the property right up until you own one hundred per cent of the home.

The scheme could also allow borrowers to purchase a home closer to work or family - something they might not have been able to afford otherwise.

While more choice on the market will help more people to reach home ownership, it’s always worth speaking to a broker first to consider the options available to you for your personal circumstances.”

– ENDS –

Notes to editors

For further information, please contact:

We’ve taken extra care to ensure the information provided within this release is presented in a way that’s compliant with regulatory requirements. If you have any questions about how to repurpose this information or require any further assistance, please contact Katie Halfhead at Trussle.

1. Sourced from Midas, July 2019

2. Savills Shared Ownership report 2019

3. Savills Shared Ownership report 2019

4. Sourced from Midas, July 2019 5. Trussle commissioned a nationally representative UK survey with research agency, Atomik in April 2019

Calculation: 605 respondents were aged between 18 and 34

When asked ‘Are you currently living at your parents' home’ - 349 responded ‘Yes’

349 = 58% of 605

6. Source: GOV, UK House Price Index for December 2018 14 &, What’s the average salary in the UK? April 2019

About Trussle

Trussle helps people love their journey of owning a home. We’re your free online mortgage broker, helping you wherever you are on the ladder.

See how much you could borrow or save in minutes. Whether you're looking at homes for the first time, or you're looking to remortgage for the fourth time. Our quick online calculators will help you take the next step on your home ownership journey.

Say goodbye to paperwork, long phone calls, and being left out of the loop. Say hello to a quick, jargon-free, personal service that you can access from anywhere at any time. We’ll help you find and secure your mortgage entirely online.

Relax while we ensure you're always on the right deal. We compare your mortgage with the latest deals on the market every day, and we’ll alert you the moment it's time to switch to a more suitable deal. That way, you'll never pay more than you should to own your home.

Did we mention that our service is completely free? Join Trussle to see where your home ownership journey could take you.

In September 2016 Trussle launched an industry-first partnership with online property portal Zoopla, making it possible to find and buy a home in one seamless experience. Trussle is backed by some of Europe's leading technology investors including Orange Growth Capital, LocalGlobe, Ed Wray (founder of Betfair), Ian Hogarth (founder of Songkick), Seedcamp, and Zoopla Property Group.

Trussle is a trading style of Trussle Lab Ltd, which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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