Shared ownership /Shared Equity confusion ? some questions

katesheet

Here are some questions on shared ownership mortgages,

Can you please assist as best as you can. Thank you x


....I am asking this on behalf of shared ownership and shared equity,.... would the answers of the 2 types...be the same for both types ? (shared ownership VS shared equity). ... are we getting confused with the 2 types?


Lets say, you own buy and own 25% and do NOT own 75%

1) When doing a shared ownership scheme, what are the typical % of ownership the mortgage companies offer? (if you own 25%, 50% ? for example)

2) Who legally owns the other 75%/ 50%
*the housing company who build the house?
*the bank?
*the mortgage company?
*another buyer, like yourself? (could this cause conflicts when things need to be done to the house)


3) are only 'certain' properties allowed to be purchased with a shared ownership scheme?
(eg, rightmove only lists shared ownership schemes)

4) How do you find if a certain property will accept a shared ownership mortgage?

*contact the estate agent? or a shared ownership company?

5) With the 25% shared ownership scheme, if you own 25%, do you typically pay JUST 25% of a monthly mortgage payment?

eg, if the 100% ownership payment was £800, if you do it through a 25% shared ownership, then you only have to pay £200 ? (25% of £800?)


6) Is the deposit required for a shared ownership, for the 25% example, only 25% of the deposit of the property, that you were owning 100%?

7) Do shared ownership mortgages, have any restrictions to certain people to qualify?

eg, if you Already have a property you own and live in, can you get a Shared ownership as a 'buy to let' mortgage ?


Can you buy a 2nd home, under a shared ownership mortgage ?

8) Are shared ownership mortgages more targeted for first time buyers?

9) Are shared ownership mortgage companies readily available to offer shared owner mortgages to a 60 year olds, working? (or are they mainly for younger people who are looking to get on the ladder)

10) What are the possible disadvantages of a shared ownership scheme?


11) Are the any shared ownership mortgage companies who you know, which cater for the 60+ age crowd?


12) What is the difference between shared ownership and shared equity

Please can you please answer in as many questions as you can, in 1) 2) 3)....12) format please,

That would be appreciated thank you! x

Thrugelmir

13. In the time you wrote that shopping list. Google would have provided the majority of the answers.