The English government provides first-time owners and other buyers who cannot afford a house the opportunity of buying a share in a property. Shared ownership mortgages provide buyers with some of the advantages of home ownership while reducing the cost of buying one.

To buy a home through the governments HomeBuy scheme you must apply through a local HomeBuy agent. The list below provides a list of HomeBuy agents and contact details by region and area provided by Direct.gov, the government’s public service website.

Owning a share in a shared ownership property comes with benefits and disadvantages that set it apart from the conventional ownership model. In our previous articles we looked at how shared ownership mortgages worked and the profile of buyers they might appeal to. This article will look at the legal ramifications of shared ownership to help you decide if a shared ownership mortgage is the best choice for you.

Maintenance:

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.