Shared Ownership is a part buy, part rent scheme to create affordable ways to purchase a home. Could this be an option for you?
For those with accessibility needs, this video transcript can be found here:
So, how does Shared Ownership work? Well, you buy a share in a property that could be from 25% up to 75%. You then pay a mortgage on the share you own, and a reduced rent on the part you don’t, as well as a monthly service charge to help maintain the property.
As your finances allow, you can buy further shares in your home as and when you choose, meaning you’ll own more and pay less rent – and in some cases, you can staircase to 100% meaning you’ll own your property outright.