Shared ownership?

[MooChops89]

Just looking for experiences really - I started a thread yesterday about my landlord selling our house and we're exploring options. Going to see a mortgage advisor today to see if we'd even be approved for a mortgage!

Hoping we might be able to buy the house we're living in but have also seen a shared ownership house in our area, a new build, £120,000 for 50% share.

As I understand it we would then pay rent on the half we don't own. If anyone has a shared ownership, could you give me an idea of how much you pay a month in mortgage and rent?

Are you more likely to be approved for a S.O house than for a full mortgage?

Thanks!

Just be aware that you will be responsible for all repairs to the property including gas service etc. If its a newbuild there will be a defect period with the builder. This is where some people slip up.and think they HA should do reapirs.

I used to work for a housing association in the repairs dept and the amount of calls we’d get from shocked shared owners, like the other poster says just be aware all repairs are your responsibility and if looking at flats then service charges are also something to consider.
From what I’ve seen your normally looking at paying a similar amount for mortgage and rent depending on your share. There used to be online calculators you can use.