How do shared ownership mortgages work?
The shared ownership mortgage scheme works by property buyers 'sharing' the ownership of the property. On the initial purchase you will typically buy 25/50/75% of the total property value. The remaining 75/50/25% of the property is owned jointly, usually with a housing association. They charge you a 'rent' for the section you do not own.
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What are the benefits of a shared ownership mortgage?
The main benefit of getting a shared ownership mortgage is that you get a foothold on the housing ladder and benefit from the increase to the value of your 'share'.
Your home may be repossessed if you do not keep up repayments on your mortgage.