When Is Shared Ownership a Good Idea?

Shared Ownership makes mortgages more accessible, even if you're on a lower wage. Your monthly repayments can often work out cheaper than if you had an outright mortgage. The monthly payments are also generally lower than if you were to rent privately.

Is shared ownership a good idea 2021?

However, the experts have stated that shared ownership is still a good decision in 2021. Ms Mitchell added: “Shared ownership is a great way for first time buyers to get onto the property ladder and a way of taking the steps to own your first home without the need for a hefty deposit upfront.

Why shared ownership is a bad idea?

What are the downsides to shared ownership? Hopefully the monthly mortgage repayments, plus rent will still make shared ownership far cheaper than buying a property outright. ... Be aware that even though you own a share of the property, say 30%, you are responsible for paying the full maintenance and repair costs.