Buying a house - first time

[Lizzy155]

I am thinking about buying my first house and doing some research but it all sounds very confusing to me.
Could you please help me understand a couple of things?

Mortgage: If I want to buy a house, I understand I will need to pay off my mortgage monthly. So if for example I want to buy a house that costs 200k, I will need to pay a 5% -10% deposit plus monthly mortgage repayments for say 25 years. I know I will also need to pay bills + council tax but other than paying off my mortgage, will I also need to pay rent? Or is that covered by mortgage?
I am also considering shared ownership and the add for that says: 3 Months Rent Free (Rent Free – Terms and conditions apply. No rent will be collected for the first 3-month period following the date of completion. Mortgage payments will be due on the purchased share, 3-month rent holiday applies to the unpurchased share). Does that mean I would need to pay my monthly mortgage and a rent? I thought that if I have a mortgage, I don't pay a rent?

Credit score: I've been renting a flat with my partner for the past 6 years but we just split up and I want to move out - buy a small place for myself. We have a rental contract which we have been renewing each year and our both names are on that contract but when it comes to paying the rent, each month I am paying 50% to my partner's account and he is then paying that rent from his account. Does it matter that the rent is paid from his account rather than from mine or a shared one? (we don't have a shared account). Does that impact negatively my credit score or something as it may look like I haven't been paying at all?

In your first example looks like you are looking at shared ownership. Try to purchase outright if you can - and then there is no rent to be paid, you just owe money to the mortgage company.

On the credit score, just open up an account to get a free credit score (MSE does one for example - just google it) and that will tell you what you need to know.

Actually you are right, I should have specified... that message re 3 months rent free was from shared ownership. Does it mean that if I go for shared ownership, I am repaying my mortgage and also need to pay a rent but if I decide just to buy a house 100% (so not shared ownership), then I only need to repay mortgage and will not need to pay the rent as well?

Sorry, I am so new to it... what kind of an account you are talking about? I have a bank account but I think you might be talking about something different?

www.moneysavingexpert.com/first-time-mortgage/

^ this free guide from MSE is really comprehensive.

If you buy a property outright you just pay the mortgage. If you buy shared ownership you oay rent on the portion you don't buy.

You can do a free credit score check, MSE have advice on that too. If you are with Halifax you can do it via their online banking app now for free too.

Credit score info here: www.moneysavingexpert.com/loans/check-free-credit-report/

Great, thank you so much!

Unless it is leasehold and then you would pay leasehold as well as mortgage. This is usually only flats. Some new build estates and flats often also have a service charge to maintain communal areas.

Mortgage is essentially a loan from a bank. So you pay back the loan each month until it's repaid. Then you fully own the house. No more payments. No rent.

Shared ownership is where you buy part of a house, say 50% and rent the other half. So you have a mortgage and rent.

Ongoing costs would be buildings and contents insurance, council tax and usual outgoings. You're obviously responsible for all repairs and maintenance.