Gives you a chance to own your home, even without a big deposit. You pay rent on a property that you have a chance of eventually owning. Disadvantages of shared ownership When selling your home, the housing association may not give you full control over who you sell to. You have to pay ground rent and service charges on your home. Shared ownership FAQs expandable section. How does shared ownership work when you sell your home?
Can you build an extension on a shared ownership house? Can you buy a shared ownership house outright? You can buy a bigger percentage of your home at any time.
What mortgage deals are available? What type of property can I buy? What is staircasing? Who is eligible?
How do I apply for shared ownership? If you live in London , you can register through the London. What about housing developers? Annual rent of 2. Who offers shared ownership mortgages? The choice is more limited compared to buying on the open market — but not prohibitively so. Can I sell my shared ownership home? Shared ownership in Scotland The rules for shared ownership are slightly different in Scotland. Shared ownership in Northern Ireland In Northern Ireland, you can buy a share of a property and rent the rest from Co-Ownership , a registered housing association.
The Department for Communities DfC sets the rent and any annual rent increases. Free Mortgage Advice Trussle is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage - and do all the hard work with the lender to secure it.
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Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. Buying property with your partner, family or friends can make sense, as long as you weigh up the benefits and risks of taking out a joint or guarantor mortgage.
Skip to: Home Content Footer navigation. Personal Banking Here to keep you moving. Shared ownership mortgages Buy a share of a home and pay rent on the rest. Your home may be repossessed if you do not keep up repayments on your mortgage. How does part-rent, part-buy work? More questions about shared ownership. Find a branch. More ways to buy your home.
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