Retirees discover the benefits of shared ownership mortgages.

Many consider shared ownership mortgages a first time buyer product, however UK retirees are starting to discover the benefits and attractions of such deals.

Just because you are older doesn't mean you should be stopped from buying property, however many older buyers find mortgage offers are few and far between.

Recently the Buckinghamshire BS launched a product aimed at asset rich over 65s, but for those who are not asset rich where is there to turn?

Shared ownership mortgages are offering a ray of hope to older would-be buyers such as divorcees who after splitting their finances, often find when they want to purchase property they are unable to do so in a conventional manner.

Kush Rawal who is the head of sales for the Thames Valley Housing Association, advises that older buyers in general prefer older property therefore schemes such as NewBuy are not that helpful.

The Thames Valley Housing Association offers an alternative in the form of shared ownership, which is an option for those finding themselves unable to get back on the property ladder after retirement, divorce or moving closer to family members.

Tim Seward who is the director of sales for Circle Living, a leading UK provider of affordable homes including sheltered and supported housing, advises that older property buyers are often unaware they are eligible for such schemes believing them to be reserved for younger first time buyers. He adds that shared ownership schemes are available to anyone who needs assistance to buy regardless of age.

If you are interested in comparing shared ownership mortgages contact Deal Direct. We can provide independent mortgage advice tailored specifically to your financial circumstances.