Shared Ownership
This term is usually applied to purchases made with the help of a housing association or "registered social landlord".
These schemes are useful if you cannot afford the whole cost of a propety but would like to own a share (25% to 75%) and pay a subsidised rent on the other percentage owned by the housing association.
At some time in the future, you have the option of buying more of your share in the property, but at the market value at the time.
There are a number of lenders who are willing to lend on this basis.
Key workers living schemes may apply to you if you live in London or certain areas of the South East of England, and you are designated as a "Key Worker". Loans are available to assisit you to buy, you may also remortgage if you are in an exisiting shared ownership or key worker scheme.
The overall cost for comparison is 7.65 %APR. The actual rate will depend on your circumstances. APR is variable, and based on a usual case.
Ask for a personalised illustration.
The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.