As house prices rise, it becomes increasingly difficult to step onto the property ladder, however shared ownership schemes are specially designed to help people buy into their own home.
This arrangement usually means that a part of the property is purchased by you- e.g 50% - *with the option to extend to full ownership in the future. Such schemes are usually administered by a Housing Association and you would pay rent to them on the percentage that they own, (a service charge may also apply). This scheme is usually available to first time homebuyers only - although some do accept second time buyers also.
Once you have found a shared ownership property, Mortgage Compare Limited can help you with your mortgage needs. Shared ownership mortgage rates vary widely as they are usually regarded as more risky than other conventional loans, but we are committed to helping you find a competitive rate. One of our dedicated and professional mortgage brokers will take you through every step of the process - ensuring that you find the right shared ownership mortgage for you and your circumstances.
* It is advisable to check that this is the case as obtaining a mortgage without this option can be difficult.