A shared ownership mortgage allows you to part rent, part buy a property, usually from a housing association. The idea is that it allows you to part buy a property that you might otherwise have not been able to afford.
Typically, you buy 50% of the property, with the housing association owning the rest. You then pay rent on this part. You also have the option of buying the rest of the property at a later date, either a percentage at a time or in one chunk.
Shared ownership mortgages are particularly popular with first time buyers as they mean a smaller deposit and smaller mortgage amount, compared with buying a property outright on the open market.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.