What does "shared ownership" mean?

[Hawkinzy]

I'm looking to move out and just having a quick browse on rightmove and various estate agents at 1/2 bed flats. Just viewed a few that were approx 44k but one had "12.5% shared ownership" and another was 25%. What does this actually mean?

It means that you get a mortgage for that amount but you also pay rent on top. You can then apply to buy a larger share at a later date and the rent reduces.

You often have to be on the local authority housing register.

Ah ok thank you that makes sense. Is higher percentage SO better or lower? Or should I just avoid it altogether? Would it work out more expensive that just renting somewhere?

Than*

Better really. If you can get a full mortgage then do. If you buy a SO they are hard to sell on as many people avoid.

Ah ok thank you, starting to understand it a bit better now, shall have a proper look tomorrow!