Shared Ownership allows First Time Buyers to get a foot on the property ladder. You take out a mortgage on the share you purchase and pay rent on the remainder. It’s more like owning your own home than renting and you will be responsible for insurance and repairs. In most cases you will be able to buy further shares over the years as your personal finances improve until you own the property outright. It’s a great way of buying your first property and there are many schemes available.
