Jargon Busting: Shared Ownership in 30 seconds or less
There’s a lot of myths and misconceptions around the Shared Ownership scheme, what it is and how it can help you find a home to call your own.
If ‘share’ is in the title, does that mean that I don’t actually own the property? Does it mean that I have to buy with a partner or friend, or is it more like a house share with strangers?
As part of our Jargon Busting in 30 seconds or less mini-series, we’ve taken a look at Shared Ownership and what the scheme actually involves.
Shared Ownership – also known as part buy, part rent – allows buyers to purchase a share of a home, paying a mortgage on the share they own and rent on the remainder to a housing association. The scheme is great for those who are looking to buy but can’t quite afford to purchase a home on the open market.
With Shared Ownership, the purchaser only needs to get a mortgage for the share they own (not the full amount of the property) meaning that the amount of money required for a deposit is usually much lower compared to purchasing outright.
For more information on Shared Ownership, check out our other articles below:
- Shared Ownership 101
- What is Shared Ownership?
- Shared Ownership eligibility
- Step by step guide to buying a Shared Ownership home
Share to Buy is a one stop shop for affordable homes. On our website, you can search for properties, compare mortgages, and find out all you need to know about alternative home buying schemes using our FAQs and guides.