What is Shared Ownership?
Shared Ownership (or part rent part buy or Help to Buy: Shared Ownership, to give it its full name) is aimed at buyers unable to afford to purchase a home on the open market.
This scheme is also hugely relevant to first-time buyer Londoners considering London high property prices.
You begin with buying a percentage of the property using a deposit, and pay rent on the remainder. You then purchase a greater share when your circumstances permit.
Shared Ownership allows you to purchase with as little as 5% deposit, but bear in mind that you will have to obtain a mortgage designed for this type of purchase. Not all lenders offer them. You will have to pay a service charge as well as rent on the share you do not own.