A shared ownership mortgage is the borrowing you take out to help you purchase the share of a property that you purchase using the shared ownership scheme – usually between 25 – 75%. The mortgage covers the share that you own, and the Housing Association owns the remaining share, which you will pay below-market-value rent on.
A shared ownership mortgage is only required on the percentage of the property that you purchase, the amount borrowed is often much lower compared to purchasing a property outright.