Shared Ownership Mortgages
Shared ownership schemes are typically offered by housing associations, you borrow enough to buy a proportion of the property – say 75%. Then you pay rent on the remaining proportion. With shared equity schemes, you buy the whole of the property, but you take out a loan to fund the deposit as part of the arrangement. What you owe rises in line with any rise in the property’s value.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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