Shared Ownership
This is a Government sponsored scheme to help you get on the first rung of the property ladder. It enables you to buy a property, which would normally be outside your price range, because you are able to buy a “share” jointly, normally with a Housing Association.
e.g. If you buy a 50% share, then you have a much smaller monthly mortgage payment, and you merely pay a rent on the other 50% to the Housing Association. The combined monthly cost of the mortgage and rent is normally much less than you would have to pay if you borrowed enough money to buy 100% of the house outright. Specialist lenders offer shared ownership mortgages and they generally assess your ability to pay on the share that you are buying and make an affordability calculation when considering the rent to the Housing Association.
You can increase your share of the ownership right up to 100% - this is called “staircasing.”
We do not make a charge for an initial consultation.
