Only 28% of 18-24 year olds know what shared ownership is and how it works, with only 19% of property buyers in the last ten years using a government buying scheme to secure their property, according to research from Totally Money. Amongst those surveyed, the findings revealed that the British public’s lack of knowledge on the shared ownership scheme is deterring them from using it to their benefit.
While 40% of first-time buyers admitted that they needed financial support from family and friends to buy, even with a mortgage, only 19% had taken advantage of a government-backed scheme. Commenting on the findings, a Totally Money representative said: “With entering the property ladder becoming increasingly difficult, and with this step being so important to many, it’s important to clear the smoke that exists around the schemes existing for first time buyers today in order to help them make the best financial decision.
At Mortgage Solutions Belfast, we specialise in shared ownership and will provide all first time buyers with a free consultation in order to gain better understanding of the scheme and work out the costs tailored to their circumstances.
Call us now for your free consultation on 02890 642000.