Shared ownership mortgages were introduced to help people get on to the property ladder with access to affordable housing. You buy a share of the property initially (e.g. 50%) and pay rent on the remainder until you are in a position to increase your percentage shareholding.Get Started
The deposit you need to find for this type of purchase is usually smaller than a standard purchase which makes shared ownership attractive to first time buyers.For more information on Shared Ownership mortgages and to check whether you qualify for the scheme or not, book your free mortgage appointment to speak with an advisor.Apply Now
How does a mortgage work with shared ownership?
With shared ownership you are essentially buying part of the house and renting the rest of it. Your share of the home will usually be somewhere between 25-75%, of which you will pay a mortgage on. The remainder of the cost will usually be at a lower rent than the market value, paid to a housing association. This will normally include any service charges and ground rent.
Is it hard to get a mortgage for shared ownership with bad credit?
Whilst you may find that there are specific mortgages available to customers with bad credit, the majority are not available to those looking to buy via shared ownership. If your credit rating is not of a good enough standard, the local housing association may also decline your application.
Do I need a mortgage for shared ownership?
You can pay cash for your share but most applicants need to take out a mortgage. You are able to utilise this scheme on both newly built homes and existing homes that may have been a part of a resale programme with a housing association. A shared ownership property will always be leasehold.
What is the minimum income for shared ownership?
In order to qualify for a shared ownership mortgage, you must be over 18 and be generating an annual household income of less than £80,000. This changes slightly if you are living within the London area, as that number increases to £90,000, allowing those who earn a little more to use this scheme also.
How much deposit do I need to buy a shared ownership property?
Unlike other property types, for a shared ownership property you do not usually need a deposit of the full purchase price, instead only typically 10% deposit of the share that you are buying.
How can a mortgage broker help me get a mortgage through the Shared Ownership scheme?
A mortgage broker like us has been helping customers access and get a mortgage through this scheme for many years now. Our team know the complete ins and outs of the scheme and will be able to check whether you qualify for it or not.Book your free mortgage appointment online and speak with a Shared Ownership expert to find out if you qualify today.
We're flexible around your work and family, we'll be there when you need us.
No upfront fees payable, we are paid on results only.
You'll always know who you are dealing with.
Getting a new mortgage or porting an existing mortgage isn’t always easy. We’ll be here to answer all your questions throughout the whole process.
Meaning you're safe and protected by our process, providing peace of mind. We take all the responsibility for the advice.
We shop around for the cheapest deal for you, saving you time and money.
There isn't a situation we haven't come across before, we fully understand your needs.
We'll help you overcome hurdles that you face along the way, for example, removing the stress of property survey and valuation problems.
4.98 Rating211 Reviews
What can I say simply the best
UK Moneyman's recent financial health check was incredibly thorough, well-communicated and professional and had a very positive outcome in terms of excellent income protection cover. They have also sourced two excellent mortgages for me on my...
I have used ukmoneyman's services for two mortgages and they have been absolutely amazing! My case had particular challanges, complexities and some technical misfortunes here and there. However Lyndsey and Leo have always kept me up to date,...
the staff are extremely supportive, friendly and helpful. I highly recommend them.
It was nice talking to moneyman this morning and I managed to book my first appointment on the same day, how amazing is that
We needed a specialised mortgage so using a broker was a no brainer. We didn't know what to expect but UK moneyman made the whole process smooth for us. Communication was amazing. Thankyou to Leo and Kerry.
Could not have been more helpful. Friendly and approachable and worked really hard to get us what we needed. Withdrawn highly recommend and will be using Moneyman in the future.
Brilliant service from the start and throughout!
This team really are fantastic, I carried out a RTB mortgage and they have executed perfectly, thanks again to the whole team. Very professional and fast acting.
Very smooth service
We contacted UK moneyman as our first mortgage advisor didn’t work out. After our first conversation things moved quickly, they were thorough with what information we needed to give them, which meant when it came to applying for the mortgage...
IT WAS LOVELY TALKING TO Helen today She was very professional and friendly and very helpful I am looking forward to her colleague Thomas calling me back at 3:30 as a range from conversation on telephone
Everyone at UK Moneyman was really helpful, polite and efficient throughout the process of getting our mortgage offer. As first-time buyers, the process seemed very overwhelming at the beginning but Charlie talked us through each step at the...
Dale was very good and very prompt thank your for your help dale
I spoke to Leaghne and she was very helpful and very patient and polite in all discussions we did. It was very easy to get through.
Really helpful and friendly team that got us the mortgage we wanted.
The service from Charlie and Chloe was outstanding! Charlie was by our side through all the start of the process and Chloe took over later on and helped with every issue we had to make sure everything ran smoothly. They both went above and beyond...
Warm Welcome. Understandi
Just spoke to Aaron very thorough good lad
Seemed a nice, friendly guy. Seemed to understand and actually interested in our application.