Shared ownership is where you buy a share of a home from someone who is usually the housing association or private developer, and pay rent on the remaining share. You need a mortgage to pay for your share.
Your home may be repossessed if you do not keep up repayments on your mortgage.
These properties are usually leasehold properties and, therefore, you have to pay a monthly service charge, as well as, contribute to major maintenance works.
With shared ownership, it is possible to buy more of the home by “staircasing” i.e. increasing your share. Shares can be bought which will in turn reduce your rent.
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Worrall Mortgages Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority FCA no. 1009151 Registered in England and Wales no. 14008800. Registered address 22a Main Street, Garforth, Leeds, LS25 1AA.
This information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.
There may be a fee for mortgage advice. The precise amount will depend on your circumstances but typically this will be £395.
Your home may be repossessed if you do not keep up repayments on your mortgage or any loan secured on it.
Conveyancing Services and Some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.
22a Main Street, Garforth, LS25 1AA
