Shared ownership is a great way to get onto the property ladder. Simply put, you buy a share in a property and rent the rest. As a guide, you can normally buy between 25% and 75% of the property.
When you can afford it, you’ll be able to buy more of the property – this is called ‘staircasing’ – and increase your investment.
You can buy a newly built house or one which is being sold by a housing association. You’ll need to take out a mortgage from a lender who specialises in this type of loan to pay for your share of the property’s purchase price. This is exactly what we do so if you have a property in mind, why not speak to one of our advisors on 01664 414141?
Depending on your circumstances, we can offer you fixed rate and discounted rate shared ownership mortgages. In time, you may be able to buy a greater share to get you to full ownership. Sound good? To find out more, request a call back from our friendly team.
This depends on where you live in the UK. For England, you’ll usually need to be a first-time buyer with a combined household income below £80,000 outside London. Military personnel may also have priority.
It’s easy to find out using our Affordability Calculator. You can also check through your options at Mortgage Finder.
If you would prefer to discuss your options with our advisors, call us on 01664 414141 or request a call back. We’re here to help you find the best solution. Take a look at our Handy Guide to Buying Your First Home too.
Not all mortgage lenders offer shared ownership mortgages so check with us if you’re unsure whether you’ll qualify. Just give us a few details here, and we’ll happily call you back and let you know what your options are.
For more information about shared ownership, check out the government’s Help To Buy website.
| Mortgage Product | Maximum Loan to Value | Initial Rate | Followed by our Standard Variable Rate | The overall cost for comparison | Product Fees | Deposit amount |
|---|---|---|---|---|---|---|
| Shared Ownership – 3 Year Discounted Rate 2.79% | 95% | 2.79% | 4.99% | 4.7% APRC |  |
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Based on a £90,540 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 31 year term: 36 monthly payments at a variable rate of 2.79%, (£363.89) £13,100.04. 336 monthly payments at standard variable rate (currently 4.99%), (£468.85) £157,533.60. Valuation fee on property of £118540, payable when you apply £190 (scale applies). Telegraphic Transfer fee payable when you apply £25. Solicitors fees payable to your conveyancer (estimated) £360. Mortgage Discharge Fee payable at the end of your mortgage £150. Total Amount Payable £171,358.64. |
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| Shared Ownership – 3.59% Fixed Rate to 31 May 2022 | 95% | 3.59% | 4.99% | 4.8% APRC | |
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| Shared Ownership – 3.99% Fixed Rate to 31 May 2024 | 95% | 3.99% | 4.99% | 4.8% APRC | |
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