Shared Ownership Demystified: Understanding Mortgages for Shared Properties
Shared ownership is a way to purchase a property with another person or organization. The most common type of shared ownership is a co-op, where each person owns a portion of the property and shares in the responsibilities and costs of upkeep. Shared ownership can be a great way to afford a home that would be otherwise out of reach, but it’s important to understand how shared ownership mortgages work before signing on the dotted line. In a shared ownership mortgage, each person is responsible for their own portion of…
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