Shared Ownership question...

I'm sure these questions have been asked before but I cant find the answer and I did do a search....!

Ive seen some people say they have been approved for 230k, so does this mean that the house value can be only 230k or is this the part of the house that you own and the other portion of the house is the amount you pay rent e.g. house is worth 300 so mortgage would be 230k and rental part would be 70k??

If you are approved for say 230k, you can add up to 25-35k of your own money. So you could buy a house for 255-265k. So you'll borrow 230k. You'll then pay mortgage and rent on this 230k. Usually its 50/50.

Any more questions fire away..

Sim