Shared Ownership

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Term Definition
Shared Ownership
A scheme operated by various Housing Associations where the borrower buys and owns part of a property i.e. a percentage such as 40%, 50%, 75% etc and they pay a mortgage on the percentage they own.

The Housing Association owns the rest of the property and the borrower pays rent to the Housing Association on this.

The borrower would normally have the right to purchase a higher percentage of the property in the future.