As the name states, Shared ownership mortgage are Government schemes for the 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 does 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 a military personel, 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 needed to purchase a home by and large
- You can purchase extra shares over the long haul and you spare 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