Purchasing your first property at an early age or climbing the property letter early on in your life, Shared ownership is the best way to go about doing this. The deposit can be significantly lower than when you’re trying to purchase your first home for the full value of the house.
A shared ownership purchase is where the client has the option to purchase a property at a percentage of what the house is valued at. For example, a property which is valued at £100,000 has a shared ownership split of 80%, means you will be purchasing the property for £80,000, meaning the deposit will be less.
The downfall is that you won’t be owning the property at 100% outright. Some will allow you to purchase the remaining amount of the property at a later stage or paying amount greater than 80% over a shorter period of time.
The remaining amount of the shared ownership percentage (20% for example) will be owned by the housing association, a small amount of rent is paid to them too, it all depends on the amount which is put down as a deposit and the percentage of the property for sale.