Shared ownership was introduced to help people who cannot afford to buy a home outright. A shared ownership scheme is an arrangement where you can buy part of your home, with the other share being owned by a housing association or a council. (Registered social landlords). With a shared ownership mortgage you can buy from a 25% share up to 75% share so the amount you need to borrow from a lender is lower. After the initial purchase most shared ownership mortgage products allow you to 'staircase' which increase your share over time to full ownership in the future.
Sometimes called part rent part buy, shared ownership can help first time buyers, it can help you get your first step on the property ladder, it can help you buy a bigger property than you could afford on the open market, it could help you buy in a more prime location. With a shared ownership mortgage you can usually finance 100% of your share but you will most likely need to set aside some money for associated fees.
We have a range of shared ownership mortgages to suit most needs like fixed rates, discounted trackers, capped rates and cashback or that you have past credit. If you have bad credit you may still qualify but your options are reduced. You should check with your Housing Association first and, if they approve you, talk to us and we will do our best to find you the best mortgage lender. Whatever you’re current or past circumstances, we can help people with mortgage arrears, CCJ's, defaults, discharged bankrupts and people in current or past IVA's.
Shared ownership homes may be new or renovated flats or houses that are sold by social landlords. Prices vary according to location but are expected to be within the means of those people who cannot afford the prices of properties available for sale in the open market.
Don’t forget government assisted house buying schemes, you might be able to get a 20 per cent, if you're having difficulty raising the deposit needed to buy your home, then you may be able to get help. With thousands of different options on the market we realise it's a tricky business, so let us guide you through the maze.
For more specific help and to talk through you options, call our team of expert advisers today
Whether Selling, buying take a look our compete guide to buying your home, There are so many things to think about but we will try to make the buying and selling process will be a far less stressful experience.