If you want to buy a new home but cannot afford to buy one outright, shared ownership might be the right option for you.
Also known as ‘part buy/part rent’, shared ownership means you buy a share of a home – usually through a mortgage – while paying rent on the share you don’t own.
How does it help you?
The total cost you pay will be lower than the cost of a mortgage to buy 100% of the same home. This is because shared ownership is supported by government money that effectively subsidises the rent making it cheaper.
In most cases you can buy extra shares over time until you own 100% of your home – this is called ‘stair casing’.