Why Shared Ownership Mortgages?
Shared Ownership Mortgages are part of Government strategy to increase home ownership. With such schemes, mortgagees rent part of their property and have a mortgage on the remainder. Because a lower deposit is required than with a standard mortgage, Shared Ownership Mortgages bring home ownership within the reach of the lower paid, although the total outgoings taking into account the rental and mortgage elements are likely to roughly equate to the mortgage repayments required on a standard mortgage. Later in the life of the mortgage borrowers can purchase a larger percentage of their property at prevailing market rates.
