When Karen Young got divorced a few years ago, she was looking for somewhere affordable for herself and her two sons to live and thought she had found her dream home at a great price.
She bought a three-bedroom house in the village of Thorpe Willoughby, north Yorkshire, in June 2020 under a shared ownership scheme, costing her £58,000 for 40 per cent ownership of the home.
Karen still had to pay rent on the remaining 60 per cent of the property and service charges, but, at first, all these fees felt reasonable.
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“When I first bought the house, my mortgage on the 40 per cent I owned was about £300 a month and my rent and service charges were £225 a month, which felt affordable,” said Karen, who works in retail.
