Other ownership options
Introduction
Many people would like to be able to own their own home, but are unable to afford it. There are a range of mechanisms aimed at helping people onto the property ladder.
These mechanisms are generally aimed at people who are in work and who are eligible for a mortgage, but the value of the maximum mortgage they could get would not cover the cost of a property on the open market.
The options include:
There is also a mechanism for owner occupiers that can help them to stay in their home, even if they can no longer afford the repayments on their mortgage, or they need some of the equity from their property to cover other living costs. These equity release schemes are also covered in this section.