Could Shared Ownership be your perfect way onto the property ladder?
Shared Ownership is proving to be the perfect way to get onto the housing ladder; with many saying it was their only route to owning their own property.
How it works
If you can’t quite afford the mortgage on 100% of a home, Shared Ownership offers you the chance to buy a share of your home (Initially between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you can buy further shares or purchase your property outright.
Speaking to the online publication inews, Charlotte McKenzie said that she had lived in her parents’ house and was struggling to find the large deposit needed to buy her own home. By choosing Shared Ownership, Charlotte was able to buy a share of a £300,000 home with a deposit of just under £7,000.
She told the publication that “If this scheme didn’t exist I’d have had to start renting, and I’d expect then to have got trapped being unable to afford to save for a down payment.”