Mortgage Shop have been making it easier to get First Time Buyer Mortgages for nearly 30 years!
Call us on 01707 662 882, chat to us online or if your in Hertfordshire visit us at our offices
Watch our help video for Shared Ownership Property Purchases below:
So What is a Shared Ownership Mortgage?
Mortgages for Shared Ownership Property Purchases, DIYSO (do it yourself shared ownership) Mortgage, Shared Appreciation Mortgage, Low Cost Housing Mortgages call them what you like they are all basically the same deal with or without a few bells and whistles. Put simply they allow you to buy a larger property than you maybe could usually afford by sharing the ownership with another party, normally a Local Authority or Housing Association but many other types of companies now use shared ownership to provide affordable housing. As Mortgage Brokers specialing in shared ownership mortgages since the early nineties we have a wealth of experience in obtaining the right funding for you even if you have poor proof of income, are newly Self Employed or have suffered from current bad credit, historic adverse credit or bad debts. Interested? you can make an Enquiry Here.
Self Employed Shared Ownership Mortgages
The government has been slowly pushing these schemes out into the open and is now totally committed to assisting and helping people to be able to purchase properties in an ever increasing market. These schemes are ideal to allow you to purchase either property built specifically for shared ownership or for people who need to purchase any property on the market through any estate agent. We have the expertise to be able to assist you and look forward to receiving your no obligation enquiry for a shared ownership mortgage.
Adverse Credit Shared Ownership Mortgages
The right shared ownership mortgages can be difficult to find on the High Street however at least 35 big banks and building societies offer them some even with historic adverse bad credit. If you need help with no fees or commitment just call us 7 days a week on 01707 662 882.
We Use Our List of Shared Ownership Mortgage Lenders which covers all sources available in the UK
Obtaining shared ownership mortgage funding on such deals isn’t quite as straight forward than with standard purchases this is due to some lenders not lending on such ventures however with the help of an Independent Adviser who specialises in shared mortgages you will be able to see quite clearly the wide range of deals available. We are one of these companies and have a track record of arranging funds for clients on shared ownership mortgages with social landlords dating back to 1990 when they were few and far between. We realise that not all clients circumstances are the same and some need an extra hand in the early years of first purchasing a property, that is why we make sure that we offer the full range of products available in the UK shared mortgage market for such events.
Shared Ownership Remortgages
Once you have made that initial percentage purchase on a shared ownership mortgage it is recommended that you attempt to purchase further shares in the property as soon as you can comfortably afford to do so, this is to maximise on any increase that the property market might be encountering at that time. We always recommend you read the full terms & conditions and small print on such arrangements and seek qualified legal or conveyancing advice, we are also always happy to assist in providing outline information to you.
Non 100% Staircasing Shared Ownership Mortgages
We often find our clients concerned when coming to us that the property that they are looking to purchase, be it a New Build Shared or Second Hand / Resale Shared Ownership property, that they are unable to find a lender that offers mortgages for properties that don’t have the ability for them to own 100% of the property – also known as non 100% staircasing or non 100% staircased Shared Ownership. At Mortgage Shop we have no problem in finding mortgages for first time buyers or indeed existing mortgage holders obtaining the right shared ownership mortgage or remortgage. Contact us online or by phone for help.
Help to find the Housing Associations for Shared Ownership
To buy a home through a shared ownership scheme, make contact with the local Help to Buy agent in the area you want to purchase a low cost home in – see our list below:
England (London): Share to Buy – London Gov
England (outside London): Help to Buy
Northern Ireland: Co-ownership
Scotland: Housing for shared ownership
Wales: Search the web for housing associations in wales.
They will help guide you through the initial process and then just need to confirm to us that you’ve been approved to take part in a scheme to allow you to apply for one of our shared mortgages.
The range of UK government’s Help to Buy websites provide further information on how a shared ownership property purchase could work for your family unit. This includes schemes for people over 55, people with defined disabilities, priority housing schemed for ex armed forces personnel and those currently renting from councils and already living in housing association accommodation.
Help to Buy with Shared Ownership announced
UK Government announces that it is launching further assistance. Help to Buy: Shared Ownership to help people get on the housing ladder. It will lift the limits so that anyone who has a household income of less than £80,000 outside London, and £90,000 inside London, can buy a home through shared ownership with government deposit assistance.