Shared Ownership Mortgages
Shared ownership mortgages are mortgages where the 'homeowner' pays a fraction of the property cost as a mortgage, therefore paying the remainder as rent. Shared ownership mortgages are common with New Homes and New Developments. It is also possible for the mortgage borrower to increase the mortgage repayments and reduce the rent throughout the mortgage term.
What are the benefits of shared ownership mortgages
Shared ownership mortgages are useful for people who have insufficient income to buy their first property. Shared ownership mortgages also allow people the chance to build up some equity.