Governement Shared Ownership Scheme
The UK government has introduced a share ownership scheme aimed at first time buyers.
In essence the government own part of your home and your goal is to slowly buy back their investment in the house.So you may be able to buy your house now at a cheap price, rather than waiting till later to purchase.
Eventually you should be able to buy out the government’s share in the house and you will own the house outright.
In reality it is difficult for many first time home buyers to get onto the property ladder, especially in this difficult financial times.This may be a good solution for people who are not able to afford to buy a house on their own. Building home equity is a great way to build wealth.
Some people do not feel comfortable investing in a home with a friend or stranger.So this may be a brilliant move to help the disheartened first time home buyers.
After watching this video please let us know whether the shared house ownership with the government is a good option for first time buyers:
