Shared Ownership
Mortgage Advice
Mortgage Advice For Shared Ownership
Buying your first home with shared ownership is an exciting milestone, but navigating the complex mortgage landscape can be daunting. That's where we come in. We will guide you through the entire process, helping you find the best mortgage tailored to your shared ownership needs.
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Why Shared Ownership?
Despite common belief, shared ownership does not concern the ownership of a property with multiple borrowers. Instead, it relates to a split in property ownership between a purchaser and housing association. Shared ownership provides an opportunity for those that cannot afford the whole value of a home to instead purchase a share. Often, the purchaser buys a minimum 25% share of a property. With this arrangement, the purchaser pays a monthly rental sum to the housing association.
If a mortgage is required on the borrower’s share, monthly mortgage repayments will also occur. Shared ownership is currently only available for first-time buyers and those that do not own a home.
Speak to a Mortgage Broker
We make applying for a mortgage simple and don’t charge you for our advice and services. Book your consultation today to start your shared ownership journey.
What Our Clients Have To Say
Benefits of Shared Ownership
Please see the benefits of purchasing a shared ownership property below.
- Purchase a Higher Value Property
- Smaller Mortgage Sum Required
- Ability to Staircase (Purchase More of the Property)
- New Build Warranty (if purchasing a New Build)
Costs of Shared Ownership
We have highlighted some of the drawbacks of purchasing a shared ownership property below:
- Monthly Rent is Payable to the Housing Association
- Ground Rent and Service Charges Payable
- Difficulties with Selling the Property
- Fewer Mortgage Products Available
Our Process
View Full Process
Step Two
One of our friendly advisers will contact you to learn more about your situation.
Step Three
Relax while we find you the best mortgage and get you on the property ladder.
Contact Us
For further information on Shared Ownership mortgages, please contact our advisers. Simply submit an enquiry form.
Our advisers will then arrange a free consultation with you to discuss your specific requirements.
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