What is Shared Ownership?
A: Shared Ownership, also known as 'part rent, part buy', is a scheme funded by the government, housing associations and local authorities, which provides a stepping stone to complete home ownership.
When you buy a Shared Ownership property, you make a monthly mortgage payment for the share you own, and a subsidised rent payment on the share which is owned by the housing provider.
The scheme has been designed to enable you to buy a property which you can afford. The combined monthly mortgage and rent payments are often less than if you were to buy a home outright, or not much more if you were renting.
Over time, you can buy a larger share in the property until you own it outright - this process is known as 'staircasing.'