Shared Ownership Mortgage

What is a Shared Ownership Mortgage?

Most of the Shared Ownership Mortgages are from Housing Associations where you buy a 25% to 75% share in the property and you pay rent on the share that you don't buy. The bigger the share that you buy the less rent you have to pay. Although you do not own the whole property you have all the responsibilities of an owner-occupier. You can then in time buy more shares until you finally own the property (known as staircasing).

Shared Ownership Mortgages

These shared ownership schemes are managed locally by Housing Association Agents. You can find a Homebuy Agent through your local authority or county.

In some areas, if you meet the eligibility criteria, instead of buying a house from a Housing Association they would allow you a budget to buy a property then the Housing Association would buy it on your behalf then sell you a share of between 25% to 75%, its called Do It Yourself Shared Ownership, it then works in the same way as the Shared Ownership Mortgage but you have chosen the property yourself

Last Tips?

As its increasingly difficult to get onto the property ladder, especially for first time buyers, Shared Ownership Mortgages are worth considering.