It is thought that there are 170,000 shared ownership properties across the UK and developers are building more every day.
Of course with everything in life there are pros and cons, we have set out the most important ones here:
- Younger house buyers can get on the housing market with a 5% deposit
- You can buy a nicer property than you would have been able to afford
- You are eligible to buy these houses even if you earn quite a lot (capped at £60,000 per annum)
The Cons :
- You are paying both a mortgage and rent
- You can’t sublet the property
- They can be more difficult to sell, as you don’t own the full 100%
There are other ways of getting help with buying a house and the new Government Schemes are those that aren't limited to first time buyers.
Why not call our team now to find out how we can help you 0300 11 11 239.
Happy house hunting.