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Have you heard about Shared Ownership schemes? Maybe you have but you’re not too sure how it works? We’ve listed a few key points to help you understand it better and for you to decide whether it may be the right choice for you. Read on to find out more!

Key points:

• Shared Ownership schemes allow you to initially buy 25-75% of a property.
• On the share of the property you don’t own, you pay rent. For example, a 50% share of a property that costs £1000 per month would reduce the rent to £500.
• You are able to purchase more shares in a property at any time, which further reduces the rent.
• Most shared ownership properties are new builds.
• To qualify for shared ownership, you need to be either a first time buyer, earn a combined household income of less than £80,000 (£90,000 in London) or you rent a council or housing association property.

Have any other questions about Shared Ownership? Click here for more information.