How does a Home Ownership Plan differ from shared ownership mortgages?
Home Ownership Plans are similar to shared ownership mortgages in that they provide assistance to buyers who might otherwise not be able to get onto the property ladder. Shared ownership allows a first-time buyer to purchase a property with between 25-75 per cent mortgage. The remaining equity in the property is rented from a housing association. Where Home Ownership Plans differ is that the borrower buys 100 per cent of the property.
