Shared Ownership

This is a very popular scheme specifically introduced to help the first time buyer get on the property ladder.

It simply provides an alternative to help you get your foot on the ladder, allowing you to buy a percentage of a property rather than all of it at the start and then increase your percentage ownership at a later date as and when you can afford to.

You will however have to pay a rental charge on the percentage of the property you do not own. This is determined by the scheme provider at the outset.

For example:

House valuation - £150000

You buy 50% - £75000

You rent 50% - £75000

You only pay a mortgage on £75000 however you would pay rent on the other £75000

You can also raise an additional £7500 to help with the cost of moving in or to consolidate outstanding credit to help keep your overall cost down.