Shared ownership can be a great way of getting on to the property ladder, but it’s not ideal for everyone.
To help you make up your mind, we’ve popped together some pros and cons.
- It can enable you to get on to the property ladder more quickly than you might if you wanted to buy a home outright
- You can buy additional shares as time goes on and you save more
- It may be cheaper than renting
- You can sell a shared ownership property at any time, and will benefit from any increase in value it’s seen since you bought
- You’ll have to buy where the shared ownership properties are, which may not be your preferred location
- It may be difficult to staircase – if the value of the property increases, the shares may become pricier
- You’ll usually have to pay a service charge – although this is generally the case with leasehold properties, whether they’re shared ownership or not
- It can be tricky to get a shared ownership mortgage – speak to a Crucible specialist mortgage advisor who can advise you how do to so