As the name states, Shared ownership mortgages are Government schemes for first-time buyers. These are backed by developers and housing associations, and the primary motive is to provide quality affordable housing for those who are first-time buyers.

How do shared ownership mortgages work?

With shared ownership, you purchase between a quarter and three-quarters, i.e., 75% of a property. You have the choice to purchase a greater share in the property at a later date. These plans are best for those buyers who don't have much money to purchase a home by and large.

Who can apply for Shared Ownership?

• First-time buyers
• Who used to have a house, but now are devoid of it and are incapable of affording one
• People with a combined household income less than £80,000 (in London, it’s less than £90,000)

Do I have to be a key worker?

No. You don’t have to be a key worker; however, should you be military personnel, preference will be given to you.

What are the benefits of a shared ownership mortgage?

• It can empower you to get onto the property ladder more rapidly than you may, on the off chance that you need to purchase a home by and large
• You can purchase extra shares over the long haul, and you save more
• It might be less expensive than leasing
• You can offer a mutual possession property whenever, and will profit by any expansion in quality it's seen since you purchased

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

Changes in the exchange rate may increase the sterling equivalent of your debt