The very people who might benefit from shared ownership deals have little idea what it involves, according to a survey from TotallyMoney.
It seems 80% of first-time buyers do not understand what ‘leasehold’ means, despite their properties being leasehold, only 6% of first-time buyers have used the Government’s shared ownership scheme and 40% of first-time buyers rely on financial support from friends and family to buy their first home.
The survey revealed that 18-24 year olds are clueless about how Shared Ownership works with only 28% knowing what it is.
Once it was explained to them more than a third of first-time buyers didn’t fancy the scheme in case there were hidden fees.
One of the attractions of shared ownership where the buyer rents part of the property and buys the other part on a mortgage is that overtime the buyer can increase the share they own. More details on are on the Totally Money website.