Shared Ownership Mortgage

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Jargon Buster

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Shared Ownership Mortgage

Use the link above to get a shared ownership mortgage quote, and help, from a Financial Services Authority registered mortgage broker to prepare and arrange your mortgage.

Shared ownership

Shared ownership is designed to help you if you cannot afford to buy a suitable property in any other way. You pay a mortgage on an agreed percentage of the value of the property, and then pay "shared ownership" rent to the local authority/housing association for the rest.

People eligible for the shared ownership scheme are usually first time buyers, and priority is given to people on local authority waiting lists. You must be able to obtain your own mortgage to meet the purchase costs on a percentage of the property.

Details about shared ownership schemes are available from the Housing Corporation in England, Communities Scotland in Scotland, the Welsh Assembly’s housing directorate or the Northern Ireland Housing Executive local authorities, or local housing associations.

If you would like to own your own home, but you can't afford to buy it on the open market, shared ownership is a possible solution. (You will have sole occupancy rights - you do not have to share your home with any other person).

Shared ownership schemes allow you to buy a share of a property from a housing association, and pay rent for the remainder. Your monthly outgoings will include repayments on any mortgage you will have taken out, plus rent on the part of the property retained by the housing association. Later, as you can afford it, you can increase your share until you own the whole property.
 

Through Shared Ownership, a housing association builds or buys a property and sells you a share. You pay rent on the share that you do not own. In future years you may choose to purchase a further share and could eventually own the whole property. The cost of shared ownership depends on many factors, including the size of the property and its location.
 

E-mail: Mortgage Arrangers