The Shared Ownership scheme has been around now since the 1970s. It’s a very popular way for those on low incomes or with low deposits to get onto the housing ladder. Shared Ownership has been described as a cross between homeownership and renting – but how does it actually work?
The Shared Ownership scheme explained
The Shared Ownership scheme allows you to purchase a share of a property, meaning you’ll only need a 5%+ deposit or in some cases, no deposit at all. You have a mortgage for the percentage of the property that you own, and you pay rent to the Housing Association on the rest. Commonly you can purchase between 30-50% of a property, however new changes to the scheme allow you to purchase just 10%. [Read more…]