Secure a shared ownership mortgage
Shared ownership mortgages – formerly known as part buy/part rent – are mortgages provided via a government-backed scheme that aids people who are struggling with affordability when it comes to buying a home. Whether you’re a first-time buyer or a home mover struggling to make ends meet for your next mortgage, you could be entitled to participate in this scheme. In an attempt to reduce mortgage payments, you’ll be able to make a purchase of between 25% and 75% of the property value, whilst paying a rent contribution to the housing association that purchases the remainder of the property.
Staircasing Opportunities
Once you have signed into your Shared Ownership mortgage, you may (depending on your lease terms) have the option to buy further shares in the property, usually known as Staircasing. You can ‘staircase’ up to three times, and once you own 100% of your property, you will no longer have to pay rent.
You should always check your lease in regards to your staircasing options, as sometimes there may be different eligibility criteria based on the terms of your mortgage. If you think that you may be entitled to Staircase your current mortgage, or join the Shared Ownership scheme, then speak to us today and gain initial advice on your situation.
Your Eligibility
In order to qualify, you must be over 18 years old, and be earning below the maximum annual household income of £80,000. As a first time buyer, you are eligible for a Shared Ownership mortgage, however if you are not, you will need to show specific reason as to why you need to utilise the scheme.
With the whole scheme set up for the purpose of making home purchases more affordable, the Shared Ownership scheme could be exactly what you’re looking for. If you are interested, give us a call to see if you are eligible today.
