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Shared Ownership / Loans

Shared Ownership / Loans

With high prices of properties and larger deposits required by lenders, sometimes it is difficult to raise enough of a deposit to purchase a property. Therefore, there are various affordable housing schemes which have been set up by governments. This is to encourage people to purchase properties by buying a share of a property with the assistance of the government.

Shared Ownership Schemes

Shared ownership schemes are provided through housing associations where you buy a share of a property and pay rent on the remaining share. Therefore, you could own 25% of the property and the remaining 75% will be owned by the housing association. You may need to take out a mortgage to purchase your share. Over time, you can buy more shares which is called ‘stair casing’.  The cost of your new share is dependent on how much the property is worth when you go to buy the share, therefore, the property may have decreased in value which will mean your new share will be cheaper or may cost more if property values have increased.

For further information please visit https://www.gov.uk/affordable-home-ownership-schemes

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