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Shared Ownership Mortgages

We’re working with Mortgage Advice Bureau to help you find the best mortgage deal by comparing 1000’s of mortgages from over 90 different lenders.

 

Shared ownership mortgages are particularly popular with first-time buyers.

Instead of a big deposit, which many people can find difficult, a shared ownership mortgage usually only requires 5% of the property’s value.

Shared Ownership Q & As

So how does shared ownership work?

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. You can buy a newly built house or one which is being sold by a housing association.

Where can I get a mortgage for shared ownership?

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. In time, you may be able to buy a greater share to get you to full ownership.

Who can buy a shared ownership property?

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.

What is staircasing?

When you can afford it, you’ll be able to buy more of the property – this is called ‘staircasing’ – and increase your investment.

If you’re interested in finding out more about mortgages for Shared Ownership our mortgage experts can help you. Simply call 01664 494100 or visit our Mortgage Advice Bureau website.

First time buyer guide

Search for your next mortgage with Mortgage Advice Bureau

To book an appointment please call 01664 494100 or take a look at our Mortgage Advice Bureau website where you can also see the latest deals, access mortgage calculators, meet the team, get expert advice and much more.

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