shared ownership mortgages

Shared ownership mortgages are a great opportunity for those who may be finding it difficult to get on the property market. They allow non-homeowners to take out a mortgage on a share of a property and pay rent towards the rest of the property.

How do Shared Ownership mortgages work?

Shared ownership mortgages are part of the government’s Help To Buy scheme. They allow you to own a share in a property, which is currently owned by a housing association. The benefits include the buyer being granted a loan, which contributes towards the mortgage, therefore enabling access to cheaper mortgage rates.

With a shared ownership mortgage, you can own anything between 25 – 75% of the property and also have the opportunity to buy back a bigger share of your house at a later date.

shared ownership mortgages

Do I qualify?

You may qualify for a shared ownership mortgage if any of the below apply:

  • If you are a first time buyer or a home mover who can’t afford all of your new property
  • If you currently rent a council or housing association property
  • Your household earns less than £80,000 a year outside of London, or less than £90,000 in London.

You can also get help from another government incentive called Older People’s Shared Ownership if you’re aged 55 or over.

It works in the same way as the general Shared Ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share. 

If you are interested in finding out more about Shared ownership mortgages or want to apply for one, get in touch today. Our team of experts are here to guide you through the process and find the best option for your circumstances.

 

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Taking the hassle out of your Remortgage

Our team at The Mortgage Quarter understand how precious your time is and want to take the time and hassle out of your remortgaging process by searching for the very best available rates and deals for you.

Purchasing a house is likely to be your largest financial commitment so it is vital to ensure that you are on the most competitive mortgage product to meet your requirements and of course, save you money. 

With access to 12,000 mortgages from over different 90 lenders we are able to provide a comprehensive range of solutions for remortgaging your home, which are not always available on the high street.

Remortgaging is far too often overlooked, with many people never realising just how valuable advice on a remortgage can be. Talk to one of our experienced advisers today about remortgaging your property, you might be pleasantly surprised by what you could save.

Because we play by the book we want to tell you that...

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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