How do Shared Ownership mortgages work?
The Shared Ownership scheme in England is a Government backed scheme to help you afford to buy a house. 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’.
You might be consider a Shared Ownership scheme if you’ve struggled to raise a large enough mortgage based on your 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 if you’re on lower incomes or you’ve struggling to save a deposit.
To find out more, simply get in touch.
Am I eligible for the Shared Ownership scheme?
The Government has strict criteria for applying for the scheme. We can help you understand if you meet the criteria.
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: www.helptobuy.gov.uk/shared-ownership
Or contact us and we can talk you through the whole process with experienced Shared Ownership advice. You are more likely to succeed if you use an expert like us.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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.
How we work
Speak to us before you start the process. 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.
- We have appointments that can fit around you
- We understand how Shared Ownership works
- We carry out detailed research and take care of the paperwork
- Our aim is to save you time, money and stress
Why choose us?
We are not like other brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry.
We have over 80 five star reviews on Google and over 90 verified reviews on VouchedFor. And we would love to work hard for you.
There’s no charge to speak to us. You can call us for a free no obligation conversation.
To speak to a member of the mortgage advice team to get Shared Ownership advice ring Your Mortgage Expert now on 01722 322683. Or complete a contact form using the link below.
Meet the team
Our small, friendly team is based in the heart of Wiltshire but we can help you no matter where you live in the UK. We can arrange face to face appointments at a time that suits you if you are near to one of our brokers. Or we can carry out everything over the phone or via video call.
Our team has:
- Experience with Shared Ownership Mortgages
- Understand about Staircasing
- Over 80 years of experience in the mortgage and protection industry
- All members of our customer facing team have mortgage qualifications
- We have over 80 five-star reviews on Google
- Have helped hundreds of buyers get the home of their dreams
We would love to work hard for you.
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Email Dan HarrisDan Harris - Mortgage Adviser
Dan Harris first started working in mortgages in 2004. Dan has great attention to detail and will do the hard work to ensure you get the best recommendation. Works hard to get your mortgage across the line. -
Email AdamAdam Nanson - Mortgage Adviser
Adam Nanson has worked in the Mortgage Industry for over 20 years. Adam has worked with many individuals buy their first home and to use the Shared Ownership Scheme.