The shared ownership mortgage...

Although the range of shared ownership mortgages is limited, as lenders often see shared ownership as more risky, some lenders may actually offer to lend 100% of your share on certain shared ownership schemes. Even if you have bad credit you may still qualify.

With the dramatic rise in house prices, shared ownership mortgages are an important option to consider for those on lower incomes, or those who do not wish to commit themselves fully to home-ownership: the scheme gives you the opportunity to buy property in partnership with a housing association , so that, for example, you can purchase 50% of the property with a mortgage and pay rent to the housing association for the remaining 50%. The scheme usually gives you the option of buying further portions of the property further down the line, once you are able to afford them.

The shared ownership scheme can also be suitable, therefore, for those who are currently on low incomes but have the prospect of increased income in the future. The scheme allows you to get your foot on the property ladder, where your income would not allow you to buy property with a standard mortgage.