Shared Ownership Pros and Cons. What are the benefits of Shared Ownership? Overview of Shared Ownership Shared Ownership is an alternative home ownership scheme which gives first time buyers, and those that do not currently own a home, the opportunity to purchase a share in a new build or resales property.
Pros of Shared Ownership Shared Ownership allows you to get on the property ladder as an owner-occupier, offering long-term stability without overstretching yourself. Deposits are generally lower than buying on the open market. Your monthly repayments can often work out cheaper than if you had an outright mortgage. The monthly payments are also generally lower than if you were to rent privately.
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Find out more by reading our Cookie Policy. Shared ownership explained. Written by Tom Martin, Content editor 27 January Share this guide. Shared ownership mortgages. Compare first time buyer mortgages Compare a huge range of first time buyer mortgages on our comparison tables. First time buyer mortgages. In this guide. What is a shared ownership mortgage? What does shared ownership mean? With Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations.
Shared Ownership properties are always leasehold. Only military personnel will be given priority over other groups through government funded Shared Ownership schemes. However, councils with their own shared ownership home-building programmes may have some priority groups, based on local housing needs. To buy a home through a Shared Ownership scheme contact the Help to Buy agent in the area you want to live. This website uses cookies for analytics and efficiency, however, some cookies are essential.
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