Shared ownership mortgage schemes are Government incentives which are backed by developers and housing associations to provide quality affordable housing for first time buyers and key workers.
How does shared ownership mortgages work?
Shared ownership mortgage scheme works by the property buyer sharing the ownership of the property. On the purchase you will normally buy 25/50% of the total property value. The remaining 75/50% of the property is owned jointly, usually with a housing association. The housing ass will then charge you a rent for the portion of the property you do not own.
What are the benefits of a shared ownership mortgage?
The main benefit of getting a shared ownership mortgage is that you get a leg on the housing ladder and benefit from the increase to the value of your share you own in the property.
Usually within these schemes you can increase the share of the property you own when you can afford it.
What are the benefits of a shared ownership mortgage?
The main benefit of getting a shared ownership mortgage is that you get a leg on the housing ladder and benefit from the increase to the value of your share you own in the property.
How can Discount Mortgages help with Shared Ownership mortgages?
The market place for this product is very specialist but through our regulated partnerships you can be assured of getting a suitable lender for your requirements.