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.