If one opts for shared ownership, it is possible to be able to leave this agreement once able to buy a property fully i.e. by earning enough?
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When renting you do not own the property. You have no rights to it (not universally true depending on what the property is and local laws). You pay rent to the owner, as their fee for allowing you to use their property.
Shared ownership is when two or more parties develop a contract stating shared ownership. They can put whatever they want in the contract. Whatever terms all parties will agree too. Whatever is in the contract is the rules for ownership. Any disputes over interpretation of the contract, or any violations of the contract can be handled in civil court.
A mortgage is when you get a loan to purchase a property. Because home ownership is important, we came up with a special term for this kind of loan. Mortgages are also more regulated than most loans. But functionally it’s just like any other loan. The key difference is that you likely don’t have cash for them to sue you for if you default. So instead you offer the property as collateral. So if you default on the loan the bank claims ownership of the house. A mortgage is typically entered into by one party, either a family, or a business. Once the loan is paid off the person or business owns the property outright, and the only payments needed to be made are annual property tax.
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