A great way for first time buyers to get onto the housing ladder.

Buying your first house is not only daunting but is sometimes impossible if you do not have the funds or income to buy a house or flat outright. For this reason there is a growing number of housing associations and authorities who will allow you to buy your first home on a 'shared ownership basis'.

Shared-ownership is a great way into home ownership. If you can't afford to buy outright, you can part buy and part rent your home. You might buy a 25%, 50% or 75% share in your home. You pay a small rent on the share that you don't buy. The bigger the share that you purchase, the less rent you have to pay. The monthly cost of buying a 50% share is about two-thirds of what you would pay on a mortgage if you bought the property outright. When you can afford to do so; you can buy more shares until you own your home outright.

Here at MortgageFinders we have helped lots of customers get onto the housing ladder this way. We can help you find the best shared ownership mortgage to help you buy your chosen share.

Housing Associations and shared ownership housing

The other share in the property is usually owned by a housing association. For example, Tor Homes and Devon and Cornwall Housing are both housing associations that provide affordable housing in South Devon. There are housing associations nationwide.

If you are interested in buying low cost affordable shared-ownership housing, you will need to contact your local Homebuy Agent or contact directly a housing association in your area that provides shared ownership homes.

You can find out more about shared ownership by contacting us

or by using this link to www.shared-ownership.org.uk which provides the most comprehensive listing of housing associations that provide shared ownership housing.