First time buyers are increasingly finding it difficult to get on the housing ladder, and even 100% mortgages are not enough as affordability is the key. More and more people are looking at the option of shared ownership mortgages.
When people talk about ‘Shared ownership mortgages’ they usually think about buying a house with a friend or even someone they do not know.
However there is another type of shared ownership. The ‘New Build home buy’ is a government scheme which was designed to assist key workers with buying a home. These schemes allow the buyer to get a mortgage to buy a stake in the property, usually between 25% to 75% with the rest owned by the local housing association. The buyer would then pay the mortgage and also pay a subsidised rent. The buyer also has the right to buy out the housing association share in the property at the current market value when they can afford it and gain full ownership of the property.
If you would like to find out more about the shared ownership scheme check out the government’s Home Buy website.
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