how does shared ownership work?

[helpimcrap]

i've been looking at houses and when i can i want to get one.

my question is this as i want to get it as simple as possible:

you get a mortgage for the 25% of the houses value and you pay rent and council tax on the rest. is that essentially it? do you then 'own' the house or at least a share of it?

what happens when you die? can you give your share to relatives?

 

[Glaucus]

You own 75% the scheme owns 25%. if you sale hey take the 25% out and give you the rest.

With all these schemes you have to buy the renaming % in at least 5% chuncks. At market cost so you may pay more or less.

The home jump scheme is better as you don't pay rent. You get an interest free loan for 5 years, then 1.7% interest for a further 5years then it goes to 3.2%ish for 15years. This is generally only available on new builds.

Then there's the interesting one. coop HomeOwn scheme. Same as above but you can use it for any house and up to 40%loan. I have the brochure now and it is very attractive.
http://www.ownhome.co.uk/servlet/Satellite/1213946567258,CFSweb/Page/CFSCtplBlank

10 week waiting list for the phone interview to see if you qualify. So no Idea if I will but I'm on the waiting list.


But all of these you need special mortgages.

 

[helpimcrap]

cheers for the link, much appreciated.