Properties are available on the market where, instead of buying the whole property, you buy a share – usually from 25% to 75% – from a Housing Association. The balance of the property is rented from the Association and a rent is payable, in addition to any mortgage payments.
Additional shares can be purchased at later stages.
The rules relating to these are quite complex as there are issues such as having to offer the property back to the Housing Association first before applying to sell it on the housing market. Any mortgage offer has to be approved by the Housing Association.
The schemes are governed by the Homes and Community Agency.