Popular Shared Ownership Scenarios in Doncaster
Here at Doncastermoneyman, our responsive team provide a service in which you are kept updated throughout the mortgage process keeping the technical jargon to a minimum so you can understand what the scheme is all about. Furthermore, we will answer any questions you may have and below are just a handful of ones we get regularly about Shared Ownership as a Mortgage Broker in Doncaster.
Do I need a deposit?
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?
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 additional fees that come with Shared Ownership in Doncaster?
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?
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.
Why Choose us for Shared Ownership Mortgage Advice in Doncaster?
Mortgage Expert – Shared Ownership in Doncaster
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.
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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.
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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
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!