Shared Ownership Mortgages

Shared Ownership Mortgage products are used for part buy, part rent schemes commonly known as shared ownership.

These type of mortgages are popular with first-time buyers because they only need to find a fraction of the deposit that would be required if they wanted a mortgage to buy a similar property on the open market.

When you buy a shared ownership property, you only buy a percentage stake in the property, usually 25 to 50 per cent – from a housing association. Although this can be affordable, as you only own a percentage of the property you will miss out on some of the equity growth if the housing market rises.

You can, however, ‘staircase‘ which means buying another portion of the property later on and continuing to do so until you own 100% of your property.

Many of the shared ownership schemes, which often offer properties at a discount, are open to all comers through housing associations. Shared ownership mortgage schemes vary form lender to lender but typically fixed rates and tracker/variable rates are available.

For more information on a shared ownership mortgage or to send a general enquiry please complete the form below.

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