Shared mortgages or ownership mortgage schemes are used for part buy, part rent schemes – this is commonly known as shared ownership. In the majority of cases, this type of mortgage scheme is popular with first-time buyers because they need only find a small proportion of the deposit and mortgage amount. Taking out shared mortgages means you are actually buying a percentage stake in a property, meaning you will not be entitled to all of the equity growth should the housing market rise.

Benefits of taking out shared mortgages include:
 

.    A good way to get onto the property ladder
.    Ideal for first time buyers
.    Could save you getting a 100% mortgage
.    Share the cost between you and your partner or friend

Shared mortgages schemes vary from lender to lender so it is worth getting a number of quotes. 

Speak to an adviser about the best shared mortgages available

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE