Data from the Council of Mortgage Lenders has revealed that there were more than 60,000 shared ownership mortgages advanced since 2006.
The CML is looking to provide more information on the sector as it is high on the housing policy agenda and found that around 40,000 of these shared ownership mortgages are still live on lenders’ books.
The body is in the early stages of developing its dataset but revealed some key initial observations about the profile of shared ownership borrowers and mortgages.
It says the majority of these borrowers are first-time buyers and are most common in southern England.
Shared ownership borrowers were found to stretch their purchasing power and buy higher valued properties than other first-time buyers, even allowing for a different regional mix.
These borrowers are also increasingly opting for repayment terms of longer than 25 years. In 2016, six out of 10 shared ownership first-time buyers chose to repay over a term of longer than 25 years.
The CML is working on compiling more data from lenders in order to provide more insight into the performance of the shared ownership sector.
