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Shared Ownership in Doncaster

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Shared Ownership in Doncaster

Discuss your Shared Ownership mortgage options with a mortgage advisor in Doncaster.

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Mortgage advice for those looking at Shared Ownership in Doncaster.

Shared Ownership is designed for applicants who can’t afford a full mortgage on a property. The idea is that you own a smaller percentage of the property with the remaining share being owned by the local authority or builder.

In most cases, the amount you will require to purchase is usually between 25-75% share of the property. This can vary depending on the lender with some allowing as little as 10%.

Because you are paying a smaller percentage of property, you will be required to pay a monthly rental fee to the owner of the remaining shares. As well as this, you will need to pay ground and service charges due to the Shared Ownership homes being classified as leasehold.

Shared Ownership can be a complicated scheme, so it may be advantageous to seek advice from a mortgage advisor in Doncaster who understand the shared ownership process. You can easily schedule a free mortgage appointment through our website by clicking on the ‘Get Started’ button.

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Shared Ownership in Doncaster

What are the requirements for Shared Ownership in Doncaster?

Firstly, you need to see if you are eligible for the scheme. Being an expert mortgage broker in Doncaster can look at if you match the criteria to obtain a Shared Ownership in Doncaster. In the case where you aren’t eligible, don’t worry, there are other Help to Buy Schemes available that may be appropriate for your financial situation.

  • You need to be over 18.
  • Your household annual income needs to be no higher than £80,000.
  • You should not be able to afford a home on the open property market.
  • You shouldn’t be in a mortgage or rental debt.
  • Be able to provide evidence that shows you have a good credit history which can be done through passing credit checks and affordability assessments.

If you are wanting more information regarding the Shared Ownership scheme, check out the video below that provides Shared Ownership Mortgage Advice in Doncaster.

How does Shared Ownership in Doncaster work?

Shared Ownership in Doncaster operates by enabling individuals to purchase a portion of a property, typically ranging from 10% to 75% of its total market value, while also paying rent for the remaining share. Over time, you can gradually increase your ownership stake through a process known as staircasing, where you buy additional shares of the property.

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FAQs for Shared Ownership Mortgages in Doncaster

Can I get a Shared Ownership mortgage in Doncaster with bad credit?

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It’s worth noting that even if you have a less-than-perfect credit history, you can overcome the challenges when seeking a Shared Ownership mortgage in Doncaster. Collaborating with a specialised lender who can assess your unique circumstances individually can be highly advantageous.

Why use a mortgage broker in Doncaster for a Shared Ownership mortgage?

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If you’re in the market for a Shared Ownership mortgage in Doncaster, the expertise of mortgage advisors in the area can be incredibly helpful. We are here to guide you through the entire process, identifying the best deals and customising options to match your specific requirements. Our knowledgeable team of mortgage advisors in Doncaster will also ensure you fully comprehend the mortgage terms and conditions, helping you secure the most favorable arrangement possible and providing you with endless expert mortgage advice in Doncaster.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

During your appointment with the mortgage advisor in Doncaster, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Doncaster, as well as assess your mortgage affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you. We will also assist you in obtaining a mortgage agreement in principle, which can strengthen any new build offers you make.

Submit Your Help to Buy Application

Step 3

Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.

Throughout this process, your dedicated case manager will keep you informed of progress, from mortgage offer to completion and beyond.

Protecting You and Your Mortgage

Step 4

Our service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.

Additionally, we will notify you when your mortgage deal expires to ensure that you are always on the best deal available.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Doncaster

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Our extensive experience in the mortgage world has allowed us to help a plethora of applicants who are looking into obtaining a Shared Ownership in Doncaster. We offer a free mortgage appointment to all new/existing customers. In your free mortgage appointment, one of our knowledgable Mortgage Advisors in Doncaster will see if you are eligible for the scheme as well as provide in-depth information about the scheme.

Customer Service

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Our brilliant customer reviews reflect our high standard of service. Check out our customer reviews to see how others’ experience with Doncastermoneyman went.

Providing exceptional customer service is something our team values. We are always striving to provide brilliant customer service, especially with our flexible availability being available to you in the evening or on weekends.

Book Online – Simple & Easy

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We understand everyone’s circumstances and lifestyles are different. The ‘Get Started’ process allows you to pick a preferred time and date for your free mortgage appointment. We have appointments available 7 days a week.

1000’s of Deals

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Our team has close relationships with a lot of different lenders. With access to both high street and specialist lenders gives us the chance to take out all types of mortgage products which means we can provide you with a deal that has appropriate for your circumstances.

Through their years in the mortgage industry, our experience Mortgage Advisors in Doncaster have encountered a wide range of mortgage situations. Therefore, don’t hesitate to get in touch with our team if you feel your situation is complex, it’s very likely we have dealt with it before!

Malcolm and Amy Davidson - Mortgage Advice in Doncaster

Shared Ownership Mortgages in Doncaster

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
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Pepper Money
Mortgage Works
Coventry Building Society
Natwest Mortgage Advice
Newcastle Building Society
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Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Popular Scenarios for Shared Ownership in Doncaster

Do I need a deposit?

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We have found that a handful of customers think they don’t require to put down a deposit for a Shared Ownership in Doncaster. This is false, the Shared Ownership mortgage requires you to put down a deposit.

As mentioned, the Shared Ownership scheme involves an applicant owning a percentage of the property. The amount you need to deposit comes down to how large of a percentage you own in the property. For instance, if your property was valued at £300,000 and you wanted to buy 50% of the share, the deposit amount would be £150,00.

You might be looking to put down a deposit of 5% which would mean your £150,000 would be on a 95% loan-to-value.

Keep in mind that the larger the deposit amount you put down will open you up to more deals as well as your mortgage payments potentially decreasing.

Can I increase my share of the property?

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If you were looking to increase your share of the property, this would be the act of ‘staircasing’ in which you are gradually raising you own at any time.

For example, if you only own 25% of the property at the beginning, further down the line you can purchase an additional 25% if it’s affordable to you.

Are there any other fees that come with Shared Ownership?

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Yes, along with paying off your mortgage you will be paying further rental fees alongside this. Due to the property being a leasehold, you will be required to pay rent and service charges.

A property survey can be beneficial for your property, as it will highlight any issues in the property that could affect the property’s value.

With a variety of property surveys available, one of our knowledgable Mortgage Advisors in Doncaster can help recommend you the best survey.

Can you take out a Shared Ownership mortgage on any property?

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Shared Ownership mortgages do not apply to all properties. There are particular properties that are utilised for the Shared Ownership scheme which are owned by housing associations or builders and in some cases are built with the scheme in mind.

Further details will be explained to you by your dedicated Shared Ownership Mortgage Advisor in Doncaster. Book Online for your free mortgage appointment to begin your Shared Ownership journey today.

Mortgage Guides & Doncastermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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