Shared ownership mortgages are offered usually by housing associations to first time buyers. The difference between this and a standard purchase is the percentage of the property you buy.

With shared ownership you would purchase a share of the property, anything from 25% to 75% and for the remainder of the property you would pay a proportion of rent.

For example: it could be a £100,000 flat and you could buy a 50% share at £50,000 with no deposit and the other 50% left would be rented at a pre-fixed rent cost.

This can help you if your income isn't quite enough to purchase the whole property or if you have no deposit as it allows you to get your foot on the first rung of the property ladder.

In time, as your income increases you can buy into the rented part of the property and increase your owned percentage. This is known as stair casing.

Mortgage funding is more limited than standard as some lenders do not facilitate this type of lending, that's why as brokers we are able to target specific lenders that do.

We will guide you through the whole shared ownership mortgage process, even help you find a local housing association or local authority that have properties available, then advise you on a mortgage that is suitable for you and go on to help once it reaches solicitor stage all in a down to earth friendly way.