Shared Ownership Mortgages

Giving you the opportunity to purchase a share in a new build or resale property. A mortgage broker like us has in-depth knowledge of the Shared Ownership scheme, let us help you along your mortgage journey.

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Shared ownership allows you to buy a share in a property and pay the remainder back in rent.

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.

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How much deposit do I need for a shared ownership mortgage?

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.

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Popular FAQs

How does a mortgage work with shared ownership?

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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?

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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?

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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?

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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?

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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?

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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.

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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