Shared ownership mortgages are part of a government scheme that aims to assist lower income households and first time buyers purchase a property. You can take out a mortgage for the share you own (usually between 25% and 75%), while paying rent on the rest. Shared ownership mortgages allow you to own a certain proportion of a property. Typically a 5% deposit you will be eligible to buy a home through a shared ownership scheme if your household income is less that £80,000 (£90,000 in London). You will also need to be either a first-time buyer or a previous homeowner who cannot afford to buy now. Alternatively you will need to be renting from a council or housing association. You will need to be able to prove you’re not in mortgage or rent arrears that you have a good credit history, and you can afford the costs of buying a shared ownership home. Is needed, rather than 10 – 20% required for most other mortgages. Rent is then paid on the remaining proportion. If you are planning to get a shared ownership mortgage get in touch with us today to discuss your options.

“Your home may be repossessed if you do not keep up repayments on your mortgage”