Shared Ownership Mortgages may be a great option for you if you can’t quite afford to buy a home but are interested in entering the property ladder. With shared ownership mortgages you buy a stake in a property and pay your lender rent for the remaining share. There are a number of investors and lenders who offer shared ownership mortgages. However, we recommend you use a government sponsored agent to finance your purchase. Government agencies are non-profit institutions and offer better terms and protection to buyers. The British government provides access to shared ownership mortgages through its HomeBuy scheme. Click here for contact details of a HomeBuy agent near you.

Housing laws vary between England and Scotland so it is important to get reliable information that applies to your area.

Scotland has has a scheme similar to England’s Mortgage Rescue Scheme in place since 2003. This program offers Scottish homeowners facing foreclosure or repossession the option of selling their home to a housing association and stay in their home as tenants. The value of the house is used to pay off the homeowner’s mortgage and any late payments still pending.

Mortgage Rescue Scheme in the UK

If you live in England, are struggling to make your mortgage payments, and are at risk of losing your home, you might qualify for mortgage aid with the Mortgage Rescue Scheme.

The Mortgage Rescue Scheme is a government sponsored program that aims to help the most vulnerable members of society, and their family members. It provides direct financial help for eligible home owners so they can stay in their home. This program is managed at the council level.. If you do not live in England there are also similar schemes in the rest of the United Kingdom; use the same link to contact your local council, and ask what program is available to you.