How does shared ownership work?

The shared ownership scheme allows you to purchase a share of a property and is usually part-funded by a mortgage.

The size of the share that you can buy is between 12.5% and 75% of the value of the property, dependent upon your individual circumstance.

Shared owners pay a monthly rent on the remaining share that has not been purchased.

For example: you may wish to purchase a 25% share of a property. The remaining 75% share will be owned by the housing association and you will pay a reduced rate of rent on this share.

Note: Up to four people can become joint owners but all joint applicants must individually and jointly meet the eligibility criteria.

SmartShare is the first national property website that is dedicated to shared ownership homes. We have thousands of properties available throughout the UK from many of the leading Housing Associations - click here to go to our website www.smartshare.co.uk

For more answers to your affordable housing questions go to: http://www.smartshare.co.uk/frequently-asked-questions-about-affordable-...