Shared ownership is one of the government assistance schemes for those priced out of the open market. The other main one is help to buy. But if you are interested in the latter, get your skates on, as the scheme is closing in England soon, with 31 October the deadline for new applications.
Under help to buy in England, the government lends a buyer between 5% and 20% of the full purchase price of a newly built home, or up to 40% in London. The buyer needs to stump up a deposit of at least 5% of the property’s value. The great news for buyers is that there is no interest to pay on the government portion of your loan for five years.
