Shared Ownership Mortgage
Shared ownership mortgages are part of a government scheme which aims to assist lower income households and first time buyers purchase a property. You can take out a mortgage for the share you own (usually between 25% and 75%), while paying rent on the other proportion.
A shared ownership mortgage will allow you to own a certain proportion of a property. Typically a 5% deposit is needed, rather than 10 – 20% required for most other mortgages. Rent is then paid on the remaining proportion.
Not all lenders support shared ownership mortgages, but here at The Better Mortgage Company, we have access to lenders
that can help.
Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it
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