What is a Shared Ownership Mortgage?
A shared ownership mortgage is a government scheme which is primarily focused on helping people to get onto the property ladder who may otherwise not be able to due to their income and savings in relation to property prices. Between 25% and 75% of a property is usually bought from a housing association or house builder, allowing you to take out a smaller mortgage, usually with a lower deposit and then paying rent on the remaining part.
A possible option for those people is a shared ownership scheme – whereby the `homeowner` part owns and part rents the property. This enables people to have lower mortgage repayments to make each month, albeit there is still the monthly rent to take into consideration, and over time allows you the option to buy off the `rented` part of the property if desired.
- - How does shared ownership work when you sell?
- - Do I have to pay Stamp Duty If i buy a shared ownership Property?
- - What type of shared ownership property can I buy?
- - What is the minimum share I can purchase?
- - What is the maximum share I can purchase?
- - Can I purchase more shares at a later date?
- - When can I buy more shares?
- - How is shared ownership rent calculated?