sahred ownership?

[bartholomew]

what does it mean that a flat i being sold on a 30% shared ownership basis?

[Sammy Snake]

It usually means that you buy a 30% share in the property and the housing association or council will own the other 70%.  You pay your mortgage for the 30% and then pay rent on the other 70%.

You are sometimes allowed to increase your share at a later date or possibly even buy the property outright.

[Lisa 69]

Hi, shared ownership is a fab idea. I brought a flat for �50k at 50% share so got a mortgage ofr �25k then after 2 years the flat had gone up to �80 so i sold and got 50% of the profit (ie) �30k - may not sound like a lot to some people but its a great first foot on the mortgage ladder. You get a mortgage for the share you own and pay rent on the rest. You are normally allowed to apply for an extra 10% every 6 months aslong as you can afford it and are up to date with your mortgage payments. Go for it!!