What are the Advantages of Shared Ownership?

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What are the Advantages of Shared Ownership?

There are several advantages regarding the shared ownership option.The shared ownership schemes allows you the opportunity to own part of a home and to rent the other part , until you can afford to buy more of the property. There are many benefits for shared ownership schemes, the first benefit of this scheme is that it makes home purchase more affordable to the first time buyer. It allows the first time buyer to obtain premises large enough for there family at an affordable price enables the buyer to purchase a share in a larger property, say a three bed house instead of buying a one bedroom flat due to budgeting constraints. This means trying to find a large deposit will not apply as the deposit needed will be for the part you are buying.For example if you are buying a 50% share of a home which costs £150,000, with a 90% mortgage . Insyead of raising a deposit of £15000, you will require a deposit of £7500.Regardng the ccashflow each month, your combined rental and mortgage payment , will in most cases be less than the mortgage payments of buying a 100% share in a property. Stamp duty is payable when you purchase a property over £125000, if you are buying a part share then you may not go over this threshold and thus not pay stamp duty. If it does not then you will need to pay stamp duty.

Shared Ownership Mortgages Frequently Asked Questions

What are the main Disadvantages ?	Can I make any changes to the property?
What percentage can I purchase ?	What are the different types?
What happens if I want to sell ?	How do I find a Shared Ownership property?
What are the main Advantages ?	Can I buy more share of the property?
Do I qualify for a shared ownership?	What are the up front costs ?

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