Shared ownership schemes, which are offered by housing associations, allow you to part-buy and part-rent your home.
Shared ownership mortgages are part of a government scheme which aims to assist lower income households and first time buyers purchase a property. You can take out a mortgage for the share you own (usually between 25% and 75%), while paying rent on the other proportion.
You will be eligible to buy a home through a shared ownership scheme if your household income is £60,000 or less. You will also need to be either a first-time buyer or a previous homeowner who cannot afford to buy now. Alternatively you will need to be renting from a council or housing association property.
If you have a long-term disability, you could also qualify for a shared ownership scheme under the government’s Home Ownership for People with Long-Term Disabilities (HOLD).
If you would like to know more about Shared Ownership schemes contact one of our advisers today who will be happy to help.
Your home may be repossessed if you do not keep up repayments on your mortgage.’