Downward Staircasing (Flexible Tenure)

If you are a Shared Owner and find yourself in financial difficulty, we strongly recommend you seek professional advice as soon as possible before your situation worsens and your home is put at risk.  You should alert your mortgage lender and seek advice from your housing association or an independent debt counselling agency eg the Citizens Advice Bureau.  In exceptional cases of extreme hardship, it may be possible to staircase downwards (also called Flexible Tenure).

This option is only available to those people who have exhausted all other options and require this as a last resort.  Downward staircasing is not a given right or entitlement for shared owners, and your housing association may not be able to offer this service.

Downward staircasing is not available to other owner occupiers, including former shared owners or those that have bought a property through a discount or incentive scheme such as Right to Buy, Right to Acquire, the Tenants' Incentive Scheme or the HomeBuy (shared equity) scheme.  In these cases we still recommend seeking professional advice, but that you should also contact your local authority to see if they can offer advice.  For details of how to contact them click here.