Shared Ownership Mortgages

So you would like to own your own home, but the costs are too high in the open market. Shared ownership could be one of your options. Shared ownership allows you to buy a proportion (% percentage) of a property, typically 50% per cent from the local housing association; the remaining 50% per cent of the property remains the property of the local housing association, to which rent is paid.

Later on when you can afford it, you are able to increase your share of the property until you own the whole property (100% per cent). The further purchase of any additional shares are based on the current market value of the property, so the value of the property will of course fluctuate.

How to find shared ownership schemes

You can contact the Housing Corporation's offices who will give you the contacts details of housing associations that are developing shared ownership or alternative home ownership schemes.

Priority for the shared ownership scheme is often given to existing tenants of the housing association and council, or to those on the housing association or local authority waiting lists.

You can always seek the advice of the local council; some even fund their own shared ownership schemes and quite often have their own home ownership departments. The local housing advice center or Citizens Advice Bureau should also be able to give you helpful advice and more detailed local information.

Additionally other organisations (e.g. building societies and banks) also offer purchasing schemes, however these are without government funding.

Due to the current economical climate, the house prices have rocketed to an all time high and demand for the shared ownership scheme and relevant houses is high. Equally there are relatively few houses available.

Even if you are accepted as a suitable applicant, you may have to wait some time before a property becomes available.

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