What does 'Shared Ownership' mean in the context of house buying?

The concept of 'Shared Ownership' in house buying primarily involves purchasing a share of a property while paying rent on the portion that remains owned by the housing association or a similar organization. This model makes it more accessible for individuals to enter the property market, particularly in areas where full ownership may be financially challenging.

By choosing option B, it reflects the essence of shared ownership, where a buyer is not required to acquire the entire property upfront. Instead, they can invest in a percentage of the property, usually between 25% to 75%, and then pay a monthly rent on the ownership share that they do not possess. This arrangement allows for lower initial costs compared to full ownership and is designed to assist first-time buyers or those who find it difficult to afford a home in the current market.

While option D suggests that one buys a share and gets a mortgage for the remaining share, which initially appears similar, it does not fully encapsulate the aspect of renting the remaining portion. Options A and C do not accurately describe shared ownership, as they either imply full ownership or complete rental, which are separate arrangements from shared ownership.