Despite what many people believe buying a shared ownership property is very similar to buying any other property.
Shared ownership is a method of buying a share in a property and paying rent for the remaining share.
Typically, you would purchase a share between 25% and 75% of the property and pay rent to the housing association for the remaining share.
Normally you will be able to buy the additional share in the property in the future (staircase) allowing you to eventually own the whole property.
If you decide to sell in the future you would just sell your share like you would any standard property.
When buying a shared ownership property as well as applying for a mortgage (when required) you would also need to apply to the relevant housing association to be approved to purchase the property.
If you have any questions contact Plus Financial Solutions today! we will be delighted to hear from you!