Shared Ownership Mortgage Lenders
Shared Ownership Mortgage Service - helping you make the right decision
Special features of what we offer include:
Whole of market service - we work with leading UK mortgage lenders who provide shared owner mortgage products
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 call our mortgage team on 0117 403 4474 or fill in our call back form.
Not having a big enough deposit is often cited as one of the key reasons that stops people from being able to buy a home, even on a mortgage with a high Loan to Value (LTV) . Getting together enough capital for the deposit can be difficult.
Shared ownership schemes seek to make it easier for people to buy a home by needing a smaller deposit.
If you’re interested in a shared ownership scheme you may be wondering therefore what shared ownership mortgage lenders are available to you, you can use the free comparison service at the top of this page to compare the shared ownership mortgage offerings from a variety of different lenders, which might help you decide which is best for you.
In a shared ownership scheme, you buy a share of your home and pay rent to the housing association for the portion of your home which you don’t own the share of.
You can get finance from shared ownership mortgage lenders to help you purchase your portion of the property and as time goes by you have the option to purchase more of the property either through your savings or from additional mortgage borrowing until you outright own the property completely.
Shared ownership mortgages generally only require you to put down a 5%-10% deposit of the equity share you wish to purchase rather than a 5%-10% deposit of the value of the entire property. For more information on getting a mortgage with a low deposit click here.
To be Eligible for a shared ownership mortgage
At present in order to be able to buy a home as part of a shared ownership scheme you need to have a household income of £60,000 or less. For London your household income can be to a maximum of £71,000 for 2 bed properties or £85,000 for properties with more than 2 bedrooms.
You need to be a first time buyer, already being a homeowner or owning investment properties will make you ineligible for a shared ownership scheme.
Be able to demonstrate that you have a good credit history
If you decide to sell a shared ownership home, the housing provider has the right to buy back the property before you can market it to others, known as a first refusal, even if you own 100% of the property.
When budgeting before purchasing a shared ownership property remember that you will need to make both mortgage payments for the share of the property that belongs to you, as well as rent payments to the housing association for the rest of the property. you may also be required to contribute to the costs of maintaining communal areas such as hallways and stairs.
Shared ownership mortgages are not available through all lenders, but there are many who offer suitable products. If you want to find out what might be available to you then you can use the Fair Mortgages comparison calculator above to compare a selection of different products, which might help you decide if one is right for you.
Call 0117 403 4474 or request a callback for more information.