SHARED OWNERSHIP MORTGAGES

Borrow up to 100% of your Share.
Property Purchase and Re-mortgages.
CCJ's, Defaults and Missed Payments.
Purchase Extra Share of Property.
Experienced Advisers.

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COMPARE MORTGAGES

Applying for a mortgage can seem daunting. It can sometimes be a complicated and lengthy process and the choices can seem overwhelming and hard to comprehend. We understand and we are here to help you…

At the Money Hub we can advise and help you choose the right mortgage. We can even help you secure funds if you have a bad credit history. We will help you to understand the conditions of your mortgage, giving you a full detailed breakdown along with the lenders details. Naturally, the most important thing is to make sure you will be able to afford the repayments.

Shared Ownership Mortgages

MORTGAGE LENDERS

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Shared Ownership Mortgages

A shared ownership mortgage is a Government scheme that helps first time buyers or previous home owners who are unable to buy currently. Shared ownership mortgages work by buying a portion of the property and paying a rent on the rest of the property. A buyer may initially opt to purchase 25% of the property with the remaining 75% is owned by the housing association or council.

To qualify for the shared ownership mortgage scheme your joint family income will need to be under £60,000 p/a and you will need to be either a first time buyer or in a position where you are unable to purchase a new home outright.

There exists a process called staircasing that allows the purchase of further shares of your house until such stage as you have purchased the entire property. The agreed sale price is via the housing association and will be dependent upon market conditions. That is, if your property has increased in value since your initial ownership then you will need to pay more, and if the property has devalued then you will pay proportionally less for your increased percentage of the property.

The big advantages of shared ownership mortgages are that you will not be paying rent so can afford to save some money whilst simultaneously being able to afford a bigger or more valuable home than perhaps you expected. Saved rent can be saved towards future investment in buying a larger share of your property. Disadvantages are in the potential sale of the property, as you do not own it all outright you will need to seek the advice and permission of the housing association, as you would should you wish to make any significant changes to the property such as new kitchens or extensions.

Usually a 5% deposit is required, which is much more affordable than the usual 20% deposit asked by traditional repayment mortgages. Many of the high street lenders offer shared ownership mortgages and it is usually better to seek independent advice before making any application.

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