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Shared ownership mortgages

Shared ownership mortgage schemes allow those on a low income
to buy a part share in a home. Preference is given to anyone on
a council or housing association waiting list.
Most shared ownership properties are offered on a 50% share, the
other 50% being owned by the housing association and you will have
to pay rent to them for this.The rent is kept artificially low
which makes the scheme more affordable.
Although you only own 50% of the property you take full responsibility
for all repairs and maintenance etc when you move in.
You will also be given the opportunity to purchase the other 50% share
to enable you to own your home outright.

Getting a mortgage for a shared ownership mortgage is a little more
complicated than you might think with only around 16 lenders from
over 149 in total who will lend on shared ownership mortgages so it
is best to discuss with a professional advisor.


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