Shared Ownership Mortgages

These are a cross between buying and renting, aimed primarily at first-time buyers. Should the purchaser struggle to afford the full asking price of the property, the scheme allows them to rent part and purchase the remainder, anywhere between 25% to 75%.

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The idea is that you purchase more of the property overtime, eventually owning it outright.

 

Who can apply for a Shared Ownership Mortgage?

 

Eligibility varies from one country to the next within the United Kingdom. However, in England the criteria could look like this:

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• First-time buyer or those who used to own their own home but cannot afford a new one now.

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• Combined household income is less than £80,000, (£90,000 London).

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• Existing shared ownership.

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• Sufficient savings to cover the cost of a deposit and other fees.

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What else do I need to know about Shared Ownership Mortgages?

 

• Properties - majority of homes available for shared ownership mortgages are newly built. However, some properties are being re-sold by housing associations back into the market. 

 

• Leasehold only – in England, all shared ownership homes are on a leasehold basis. 

 

• Fees - as with any mortgage product, there will be the usual lump sums when to paying solicitors and stamp duty etc.

  

Securing a Shared Ownership Mortgage

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Not all lenders offer mortgages on shared ownership properties. The good news is that advisors4me have solid relationships with lenders who are willing to support the scheme. We will take away the hassle from you by reviewing and comparing the most competitive prices that we can find, so that we can obtain the most suitable mortgage to meet your individual circumstances. As we have up-to-date knowledge of the latest government schemes it can allow you to get your foot on the property ladder that bit quicker.