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Shared Ownership Mortgage Advice

You may have heard of the Government’s Shared Ownership Scheme and wondered whether it would be right for you. On this page, you will find out how the scheme works, how you apply and whether you are eligible. At Your Mortgage Expert, we can offer Shared Ownership Mortgage Advice and have a huge amount of experience helping our clients with their applications. Please do get in touch if you would like to discuss this further.

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How does the Shared Ownership Scheme work

Before we start, it is important to note that we are focusing on the Government’s shared ownership scheme in England.

The Shared Ownership scheme is a Government backed option to help with affordability. It offers you the chance to buy a share of between 25% and 75% of your home’s value and then pay rent on the remaining share. For this reason, it is often referred to as ‘part-rent, part buy’.

Shared Ownership schemes might be a good option for people who have struggled to raise a large enough mortgage based on their savings and income alone. It also provides long-term security, which may be better than simply renting a property.

Typically, you would raise a mortgage on your share of the purchase price of the property. And pay a deposit of 5% on this amount, rather than the full purchase price. Again, this can make it easier for those people on lower incomes or who are struggling to save a deposit.

To find out more, simply get in touch.

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Who is eligible to apply for the Shared Ownership scheme?

Not everyone is eligible to apply for the scheme. You could buy a home through the Help to Buy Shared Ownership in England, if:

  • Your household earns £80,000 a year or less outside London
  • Your household earns £90,000 a year or less in London
  • You’re a first time buyer
  • You used to own a home previously but can’t afford to buy one now in the normal way
  • You’re an existing shared owner looking to move home

To find out more about Help To Buy Shared Ownership schemes, visit: Or contact us and we can talk you through the whole process with experienced Shared Ownership mortgage advice.

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How do I exit the Shared Ownership scheme?

Many people who buy a Shared Ownership property worry about how they sell the property or how they will own it solely.

There’s nothing stopping you sticking with the share you initially bought if you’re not in a position to staircase. However, selling your shared ownership home can be complicated if you’ve not increased your shares up to 100% ownership by the time you decide to sell. So it is important to consider your “exit strategy” when you purchase your property.

Over time, as you earn more, you can increase the size of your mortgage until you own the property entirely. This is a process called ‘staircasing.’ There are rules around staircasing and it varies according to your housing association and according to the age of your property.

We are experts in the staircasing process and can advise you on the options available to you. We can also advise you on your remortgage options if you need to raise money in order to staircase.

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How can Your Mortgage Expert Help?

You will need to apply for a mortgage for your share of the property. And we can help you with expert Shared Ownership Mortgage Advice.

The application process is similar to that of a normal mortgage. We will ask you a number of questions so that we can understand your personal circumstances and whether you are eligible for a shared ownership mortgage.

We would advise you speak to an impartial mortgage broker before you start your search for a shared ownership property.

This is because we will ask the right questions before recommending whether shared ownership is for you. There are pros and cons to Shared Ownership and other types of mortgages might be more suited to your situation.

At Your Mortgage Expert, we don’t charge for the initial consultation, so by speaking to us, you are under no obligation. So why not get in touch for expert Shared Ownership Mortgage advice and take that first important step. We are based in Salisbury but can help you no matter where in the UK you live. We can carry out face to face meetings for those based locally. Alternatively, we can carry out the whole process remotely via the telephone, email or video call.

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Our handy mortgage calculator

Our mortgage calculator can help you get a better idea of how much you can afford to borrow, and how much your mortgage will cost you in monthly repayments.

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    Max and Martha, First Time Buyer customers from Cardiff

  • “Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”

    Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury

  • “I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me.  During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field.  This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”

    Andrew and Helen, Armed Forces Mortgage Customers from Salisbury

  • “Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”

    Fiona and Graham, Armed Forces Mortgage Customers from Wilton

  • “As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”

    Andrea, Contractor Mortgage Customer from Warminster

  • “I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”

    Matt, Contractor Mortgage Customer from Southampton

  • “Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”

    Hannah and Steve, Protection Insurance Customers from Stamford

  • “Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”

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  • “Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”

    Mike and Bethan, First Time Buyer Mortgage Customers from London

  • “Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”

    Chris, Help to Buy Mortgage Customer from Southampton

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