Shared Ownership Mortgages
Shared ownership mortgages were initially introduced as part of a government scheme to help low income families to get onto the housing ladder, giving them a chance to be homeowners and out of renting. As house prices continue to keep home ownership out of reach for many, shared ownership schemes offer a realistic option for first time buyers with shared ownership – not just those who are from low income households.
By giving people the option of initially buying a share of the property, taking out a lower mortgage and in turn needing a smaller deposit in the first place, it can be a lot easier for first time buyers with shared ownership to take that first step. To then have the option to buy a higher percentage of the property over time, it can be a viable and desirable option for many potential homeowners.
Taking out a shared ownership mortgage can be an excellent way to take the first step into the housing market. Although it takes a little longer to become the complete homeowner, it does at least mean that eventually it may be a possibility for you. If you are a first time buyer and looking to take your first step into the housing market, get in touch with us today to find out more about shared ownership mortgages.