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SHARED OWNERSHIP MORTGAGES2020-09-14T14:02:42+01:00

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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.

Our advice on Shared Ownership

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 free 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.

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Whatever kind of mortgage you’re looking for, with whole of market access to a range of lenders combined with expert advice no matter your situation, you’re closer than ever to finding your mortgage deal.

From fixed rate to tracker rate mortgages, our advisers will guide you through the process of arranging a hassle free mortgage to suit your circumstances.

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Speak to an Adviser

01702 746811

Our Hours

Mon – Fri 09:00 – 17:30 Sat 09:00 – 12:00

Get in Touch

Questions about Shared Ownership

The Shared Ownership process is never straight forward, so don’t worry if you still have some questions to ask. Take a look at our handy FAQs and, if you can’t find what you’re looking for, give us a call today.

How popular are Shared Ownership mortgages in Essex?2020-08-19T13:53:49+01:00

With rent prices consistently climbing all over the UK, the government has been using this scheme as a way of giving people the chance to get on to the property ladder without it being unaffordable. Essex and the surrounding areas have benefitted from this scheme in a number of ways and these mortgages have been used to purchase many homes in the area.

What are the Stamp Duty charges on a Shared Ownership mortgage?2020-08-19T13:53:24+01:00

There are two different ways to pay your Stamp Duty fees on a Shared Ownership mortgage- the first being a one-off payment for the full market value of the property at the beginning of the purchase. However, the most popular – and normally the most cost-effective – way is to pay a lower Stamp Duty charge at the beginning, based on what percentage of the property you have purchased, and then pay again later once you have invested into at least 80% of the property value. If you’re not sure how this could apply to you, give us a call today and see how we can help.

Who is responsible for the maintenance/repairs on a Shared Ownership property?2020-08-19T13:52:50+01:00

It’s important to note that maintenance and repairs are usually the responsibility of the Share Owner (i.e. you), but you will find all of your rights and responsibilities within your Shared Ownership lease.

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If you would like to speak to one of our mortgage advisers and see how we can help you with a stress free mortgage, or you would like to discuss our range of loans or insurance cover, complete the contact form and we would be happy to call at a time that is convenient to you. Alternatively, simply request a reply by email if you prefer and we will get in touch with you.

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