What does shared ownership mean?
Asked on Nov 25 2013,
General in Lydney |
Shared ownership essentially means that you buy a part of the house rather than purchasing the full 100 per cent in one go.
Schemes for shared or part ownership are normally run through housing associations, and they are for people who can prove that they would not otherwise be able to purchase because they don't have a deposit or the means to pay back a full mortgage.
Through these schemes, you have to be able to prove also that you can afford to pay for your part of the purchase. Typically, you will then own 50 per cent of the house, and pay rent on the rest. From there, you can gradually buy more shares in the property over time until you own 100 per cent of it eventually.
Answered on Nov 28 2013,
It means you share ownership - usually with a social landlord and you pay rent on their part of the property
Answered on Jan 15 2014,
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