Shared mortgages or ownership mortgage schemes are used for part buy, part rent schemes – this is commonly known as shared ownership. In the majority of cases, this type of mortgage scheme is popular with first-time buyers because they need only find a small proportion of the deposit and mortgage amount. Taking out shared mortgages means you are actually buying a percentage stake in a property in conjunction with your lender, meaning you will not be entitled to all of the equity growth should the housing market rise. Features shared mortgages include:
- A good way to get onto the property ladder
- You will still need to pay a deposit
- Ideal for first time buyers
- Share the cost between you and a partner or friend
Shared mortgages schemes vary from lender to lender so it is worth getting a number of quotes. Use the table below to see if there are currently any shared mortgage deals available, then click on the link and fill in the enquiry form to find the best deals on the market and compare quotes from the widest range of providers.
For independent mortgage advice call our mortgage team on 0117 332 6063.