A Shared Ownership Mortgage is a homebuying scheme that allows you to purchase a share of a property (usually between 25% to 75%) from a housing association and pay rent on the remaining share. You then have the option to gradually increase your ownership share over time through a process called “staircasing.” This type of mortgage is designed to help people who can’t afford to buy a home outright get onto the property ladder.
With Shared Ownership, you’ll need a smaller deposit because you’re only buying a portion of the property. Your monthly payments will consist of your mortgage repayments for the share you own, plus rent on the remaining share. However, you’ll still be responsible for maintenance and service charges (is applicable) on the property. Legacy Advice Mortgages & Protection can assist you in understanding the process, finding suitable properties, and securing the right Shared Ownership Mortgage to suit your financial circumstances and housing needs.
