Shared ownership schemes allow buyers to obtain a mortgage to buy a share of a property normally ranging from 25%-75%.
You then pay rent on the remaining share to the housing association/private developer that owns the building.
You can get a mortgage on a shared ownership property with no deposit depending on your credit history.
The higher the share of the property you buy the lower your rent payments will be.
Also, with shared ownership homes you often get the opportunity to buy more of a share in your home. This is normally allowed after you have lived in the property for a certain period of time. This is known as ‘staircasing’ and again the more of a stake in the property you own the lower your rent payments will be.
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