What is Private Shared ownership?
Private Shared ownership was a proposal put out by the government in late 2018 to try and get private investors and companies to drum up more innovative approaches to home ownership.
As of today, the result of the consultation is still being analysed. You can for updates here
What is the shared ownership scheme?
The shared ownership scheme is a first-time buyer scheme provided by the Government to help you get on the property ladder quicker. With shared ownership properties you will essentially own part of the home and pay rent on the side you don't own.
The rent can be reviewed at any time and you can own 100% of the shares if you want to stop paying rent. To do this you will need to get a shared ownership mortgage.
Shared ownership schemes are not the only ways to get on the property ladder. You can also use a host of other government schemes to get on the property ladder.
Some of the Governments help to buy schemes include:
- The lifetime ISA
- The shared ownership resales
- The help to buy ISA
- The help to buy equity loan
- The discounted sales scheme
- The armed forces help to buy
- The older people’s shared ownership scheme
- The rent to buy
- The right to own scheme