Shared Ownership is a government scheme mainly aimed at low income households, First Time Buyers needing assistance to get onto the property ladder, and also those that have previously owned a property but are also finding it financially difficult to re-enter the property market.
The scheme involves a mixture of buying a share in a property and renting the remaining share you don’t own, with a view to eventually owning the property outright by buying further shares over time. The process starts with buying between a quarter and three quarters of a property from a Landlord usually in the form of either a council or a housing association. The remaining share is then rented at a reduced rate from the Landlord. The combination of reduced rent and mortgage repayments produce a monthly cost for housing, that is lower than the repayments that would have otherwise been payable if the property had been purchased through the normal mortgage method. This saving allows for money to be accumulated and along with other savings create opportunities to buy further shares in the property. In England all properties bought under the shared ownership scheme basis are owned on a leasehold basis.
How I can Help
All of the government assisted house buying schemes including the Shared ownership scheme involve securing a mortgage to progress the purchase. The eligibility criteria and assessment of the renting side of shared ownership is handled by a local council or relevant housing association. The ownership side of shared ownership will involve sourcing a mortgage and you will be subjected to the same stringent affordability and financial checks that would be in place for a standard mortgage application.
I can provide you with concise and comprehensive advice and assistance regarding all aspects of your shared ownership mortgage needs from initial advice to application stage and all the way to completion. Having a mortgage professional on hand to assist you every step of the process can save you time, effort and money, easing the stress of your mortgage process.
Please contact me today for an informal and friendly chat to discuss your needs. All initial advice is completely free and confidential. You can contact me using the “contact us” form at the top right of this Page and i’ll get back to you as soon as possible, or alternatively you can contact me via my details below, or CLICK HERE
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Balraj Singh (Bal)
Tel: 0330 010 1433 (Mobile Friendly)
Mob: 07985 417 490