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.
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.
If you are wanting more information regarding the Shared Ownership scheme, check out the video below that provides Shared Ownership Mortgage Advice in Doncaster.
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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.
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.
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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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.
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.
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.
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.
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.
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.
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.
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.
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Doncastermoneyman.com & 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.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Doncastermoneyman.com & 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.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
