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What is shared ownership?

Asked on Jan 8 2013, General in Great Yarmouth | Report content

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  • Hi ClaireLownie, Shared ownership is essentially a scheme where you part buy and part rent your property, to allow those who have less money available to them to purchase a house without the prohibitive costs that can often be involved. To find information from the government about these schemes, you can click the link below. Under a shared ownership scheme, you will need to have a collective household income that comes to lower than £60,000 per year, as well as being either a first-time buyer, or having previously owned a home but being unable to afford one now. You will typically buy between 25 per cent and 75 per cent of the property upfront with a mortgage, and pay rent on the rest of the house. From there, you can do what is known as staircasing, where you slowly buy more shares in the house over time. The cost of the additional share, however, will fluctuate along with the overall value of your house. Thanks, Scott

    Web reference:

    Answered on Jan 11 2013, Report content

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