Shared ownership set to increase

20-Oct-2005

Increasing numbers of first time buyers will take part in shared ownership schemes to enable them to get on the first rung of the property ladder, reports the Independent.

To get a quote for a shared ownership mortgage click here

The government has pledged to support the development of more shared ownership projects over the next five years, with over 100,000 people expected to take advantage of the opportunity to purchase a property.

Priority will be given to key workers, families and young people looking to get on the property ladder, helping those who cannot otherwise afford to buy their first home.

Shared ownership allows the aspiring homeowner to buy a share of the property, with a local housing association pays for the rest. The buyer then repays the association through rent while paying a mortgage in their own share in the house.

To ask about the legal costs of house-buying or to ask a legal question specific to your own situation click here

Many first time buyers choose this option, as it provides a more secure way of financing the purchase and leaves the buyer with the opportunity to increase their share in the future.

For information about key worker homes click here

Click here to see what properties are on the market in your area – whether you buy alone or with others

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