What is the difference between shared equity and shared ownership?
Asked on Jan 7 2013,
New Homes in Stanmore |
For both shared equity and shared ownership, it is possible for you to purchase a portion of a house without having to go all out and stump up for 100 per cent if you can't afford it. They are designed to help ease those who have maybe not got the money to buy a house, into ownership.
Shared equity tends to refer to schemes which are offered by builders or home developers, where they will put up around 10 to 25 per cent of the price of the home as a loan, meaning they own that portion of the house, and you can purchase the rest of it over time by buying additional shares in it.
Shared ownership comes from housing associations, and in this scheme you might buy as little as 50 per cent of the house, paying rent on the rest of it.
This scheme also allows you to purchase share by share until you own the entirety of the property.
Answered on Jan 14 2013,
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