If you are struggling to get on the property ladder, a shared ownership scheme may be an option. This type of scheme allows you to buy a share of the property from a housing association whilst your monthly payments consist of both mortgage repayments and rental, which will be paid to the housing association. You will still have the rights to the property and will not have to share with anyone else.
The idea of this scheme is to provide people who cannot purchase their property outright, with an opportunity to still get on the property ladder. Then, once they can afford to, either increase their share in the property or purchase fully.
Please understand that the purchase of additional shares is based on the current market value of the property. Therefore, if the market value has increased, the share price will have also. If the market value has decreased, the same applies to the share value etc.
If you are interested in the shared ownership scheme, you could contact your bank / building society or search online for a relevant mortgage lender. You may speak with your local housing association or Citizens advice bureau. In some cases, your local council may be able to help also.
