What is part ownership
Asked on Jan 22 2014,
General in Basildon |
You can start by purchasing from just 25% of your new home and then buy more as and when you can afford to. Your home is exclusively your own.
You share the ownership with the Housing Association but have all the rights and responsibilities of the full owner occupier. You pay the Housing Association a discounted monthly fee on the remaining share, which they continue to own.
You benefit from lower monthly payments than if you bought a home outright but get all the advantages of a brand new home. You can usually buy more shares in your home as soon as you can afford to. The more shares you buy, the lower the monthly fee you pay.
Web reference: http://www.michaeltuck.co.uk/shared-ownership.php
Answered on Jan 27 2014,
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