Shared Ownership: A Smart Path to Homeownership

What is Shared Ownership?

Shared ownership is a scheme designed to help people get on the property ladder. It allows you to buy a share of a property, usually between 25% and 75%, and pay rent on the remaining share. This makes homeownership more affordable by reducing the amount you need to borrow.

People who find it difficult to save for a large deposit can benefit from this scheme. It offers a way to own a home without needing a full mortgage for the entire property value.

Advantages of Shared Ownership

One of the main advantages of shared ownership is that it makes homeownership more accessible. You need a smaller deposit, and your monthly costs are typically lower than renting or buying outright.

Another benefit is the ability to increase your share in the property over time. This allows you to build equity and eventually own the property outright if you choose.

Considerations.

You will be responsible for maintenance and repairs of the property, even if you do not own the entire property. Additionally, selling a shared ownership property can be more complex.

It's important to understand the terms of your lease and the costs involved, including rent, service charges, and mortgage payments. Getting advice from a mortgage broker can help you navigate these complexities.

Steps to Take

If you are interested in shared ownership, start by researching properties in your area. Check the eligibility criteria and gather the necessary documents. You will also need to arrange a mortgage for your share of the property.

Working with a mortgage broker, like Mortgage321, can simplify this process. They can help you find the best mortgage deals and guide you through the application process.

Shared ownership can help you achieve your dream of owning a home.

Contact Mortgage321 today by calling 01255 440142 or WhatsApp us to start your shared ownership journey. We are here to help you achieve your homeownership goals.