Have you ever considered getting shared ownership mortgages? Not a lot of people know this kind of scheme. On the other hand, it is definitely something that is interesting enough for you to try. Others see it as something that will just take all their money away from them subtly, while there are people who believe that it is a scheme that will help them save a lot of money and start owning a home as early as possible. Whatever your doubts may be, here are the pros and cons of this scheme that can help you decide whether or not you should consider it.
The Pros 1: It Is More Affordable.
One of the advantages of shared ownership mortgages is that they are more affordable than most kinds of mortgage deals out there. They only require you to pay 5 percent for your first deposit. Also, here, you will no longer need to spend a lot of time working just to get started. With the help of your current earnings, no matter how small, you can already begin owning a house where you and your family can live comfortably.
The Pros 2: It Gives You The Right To Develop Your Unit.
Be it an apartment unit, a studio or house, you will have all the rights to develop your unit that is under shared ownership mortgages. You can treat it as something that you have bought fully. You can design it the way you want it to look like. You can live in it with all the people whom you want to live with. You can invite all the people you want to come over. You can hire a nanny or a gardener and just do anything that you want with your unit.
The Cons 1: You Don’t Get To Choose To Whom You Will Sell It To.
One of the negative sides of being in shared ownership mortgages is that you won’t have the power to choose whom you will sell it to. Since you are still in partnership with the government or with a private company in this, they will still get the right to choose to whom the property will go to. However, this is only the condition that will be applied if the government or the private company still has a share of your property.
The Cons 2: Your Job Is A Qualification.
Applying for this kind of mortgage is not as easy as you think. Normal types of mortgages allow just any person to avail of them as long as they have a job to financially support them. However, with this type of mortgage, “key workers” are prioritized.
A lot of people are already feeling interested about this kind of mortgage deal. However, not everyone is given the approval. Now, if you want to enjoy the benefits of this kind of mortgage deal, you have to make sure that your credit record is flawless, that your job is very stable and that you really deserve to get shared ownership mortgages.