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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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 a mortgage advisor.
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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.
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.
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.
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.
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.
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 mortgage advisor to find out if you qualify today.
We understand that everyone has a busy personal and work life. That's why we're available to work around a time that's convenient to you.
We only ask for payment when we find you a suitable mortgage.
You will be dealing with the same person throughout the entire process.
We're here to guide and support you throughout the entire process. To make sure you are on the property ladder with affordable housing costs.
We will try to find a suitable insurance product that coincides with your personal and financial situation.
We utilise our panel of lenders to find you the most suitable mortgage for your circumstances, with affordable rates.
We like building strong relationships with customers. We try our best to provide a stress-free, simple service for you.
As a first time buyer who is looking to get on to the property ladder under the shared ownership scheme, we'll guide you and support you, all throughout your mortgage process.
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Derek
They were great when handling our mortgage application even though it was a bit different to the normal one. Highly recommended
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The team at UK Moneyman have been excellent, really informative, providing sound advice with no judgement and supporting the best possible way forward for myself. I would definitely use the team again, they’ve made the whole process simple and...
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We went to the Moneyman to start with regarding a new mortgage only which went really smoothly and everything was explained in simple terms at our request Malcom made it feel at ease . Once i had the confidence with them we asked them to help with...
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Matt Collinson and Meghan Robinson were absolutely wonderful. Provided updates, always avaliable and dealt with our mortgage so quickly! We had a mortgage offer within 2 and a half days and they sorted it all. Absolutely over the moon and would...
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Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would happily...
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I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and professional manner....
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
