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Part Ownership Mortgages

Part Ownership Mortgage Service

Special features of what we offer include:

  • Whole of market service - we work with leading UK mortgage lenders who work on a part ownership basis
  • Access to leading market mortgage rates
  • Access to exclusive loan deals not available on high street
  • Fast turnaround - speak to us today if you need to move quickly
  • We have lenders who will take into account previous defaults and missed payments 
  • Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To compare your mortgage options for part ownership call our mortgage team on 0117 313 7780 or fill in our call back form.

Team Approach

Many housing associations are now offering ‘part’ or shared ownership schemes, to help first time buyers acquire their own home. If you are interested in one of these schemes you may be wondering what part ownership mortgages may be available to you.

Part ownership mortgages

Many would be first time buyers find the size of the deposit they would be required to put down on a home a barrier which prevents them from being able to purchase property.

As with part ownership schemes you can buy a property in portions, by using a part ownership mortgage you normally only need to down a 5% of 10% deposit of the share that you wish to purchase, rather than 5% to 10% of the value of the entire home, which could make it easier for some potential first time buyers to purchase property. 

How shared ownership schemes work

With a shared ownership scheme you can buy a share of a property, typically between 25%-75% from a housing association, you then pay rent on the portion you do not own to the housing provider.

Over time you can either take out additional finance or use savings to purchase more and more of the property, known as ‘stair-casing.’ Which some buyers may find easier to purchase a home. 

To be eligible for a shared ownership scheme:

You cannot have a household income of over £60,000 in most of the UK. For London you can have a household income of up to £71,000 for two bedroom properties or a household income of up to £85,000 for properties with more bedrooms.

You also have to be a first time buyer, this means you cannot already own any property this includes investment properties such as buy to lets.

Other part ownership information

You need to consider if you are budgeting for a part ownership mortgage that not only will you need to make mortgage repayments as well as rent payments there may be other costs associated with the scheme, for instance you may be required to pay a monthly service charge for the maintenance and cleaning of communal areas as well as to contribute to repair works.

Each time you wish to purchase more of the property you may also incur fees for things such as valuations; each time you purchase an additional incremental share of the property you will be charged at the properties current market value rather than the value of the property when you purchased your first share.

If you go to sale the property, even if you own 100% of it the housing association you purchased it from has the right to purchase it back from you, known as a ‘first refusal’ before you can sell it to anyone else. 

Although not every lender currently offers part ownership mortgages, there are still a variety of products on the market, as any kind of mortgage is a major financial consideration shopping around thoroughly before applying is wise. 

For more information on your options if you are considering part ownership call 0117 313 7780 or complete our callback request form.

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