This may be a really stupid question but hey!!

I have seen a property with the following description...

An excellent opportunity to acquire a newly constructed two bedroom second floor flat. The property is being sold on a 50% shared ownership basis with a rent including ground rent and service charge of £197.84 pcm being payable on the remaining 50%.

The property is advertised at £70,000

My question is do I need to get a mortagage for £70,000 or £35,000??

I don't know where you are but I'd say £70,000 as it's roundabout £200 for a mortgage for £35K which is what the rent is - which sounds very reasonable. Do check what they say about rent increases though.

Hold on I didn't make sense then. I am thinking you pay £70K because it is a 2 bed flat and you couldn't even get that total price for a flat around here where it is not the most expensive place to buy. Although what I confused myself with is the amount of rent on top.

The price you need at mortgage for is £70,000. Not everyone can get a shared ownership house tho so call them before pursuing further, also when you come to sell you can only sell the share you own. Seek advice from an EA on shared ownership in your area.

£70,000 will be the price of the share. As Lillie says, do check that you are eligible to buy a shared ownership house before spending out any money on surveys &c. Most shared ownership properties are for keyworkers, people on council housing lists, on a maximum (low) income, or restricted to people who have lived for a certain length of time in the area.

Ary.

Thanks for all the advice guys