Shared Ownership Mortgage lenders offer mortgages on a part buy/part rent scheme.
They are often a popular choice for first time buyers. However, before shared ownership mortgage lenders accept you, you may have to fulfil certain criteria, such as:
The scheme must be through a registered social landlord
The lease must contain an adequate mortgagee protection clause
The initial share purchased must usually be at least 25%
You will still need a deposit, even when only buying part of a property
It is advisable to get independent financial advice before making any decision and it is a good idea to also get a number of different quotes to see who could offer you the best deal.
Use the FREE mortgage calculator below to help you find the latest shared ownership mortgage deals: