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What can you tell me about shared ownership?

Would I be able to buy the other half at a later date?

Asked on Mar 27 2013, Home Finance in Knebworth | Report content

Answers (1)

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  • Hi ellaca, Certainly shared ownership would allow you to buy half of the house further down the line if that is the option you would be looking to take. The process was brought in as a way of helping people with a lower budget to achieve the aspiration of home ownership. You can only qualify for it if you are able to prove that you do not have the ability to afford a house outright. If you do, you will purchase the property along with the builder, and you will typically have to get a mortgage for 50 per cent of the purchase, with the other party covering the rest. From there, you build up to 100 per cent ownership by buying shares of the home as and when you can afford it. Many thanks, Scott

    Answered on Mar 28 2013, Report content

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