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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.
Firstly, you need to see if you are eligible for the scheme. Our expert Mortgage Advisors 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.
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4.99 Rating87 Reviews
Ben
2nd time using these guys and they deliver every time. Brilliant customer support as always
Dean
Excellent service
Mariola
We used Tom as our mortgage adviser and he was brilliant. Answered all our questions, put us at ease throughout the whole process and even scheduled meetings around our schedule - which was quite busy at the time. The whole team was super helpful...
Samantha
Absolutely fantastic service from Leo and Meghan. Everything was done so quickly after the initial call, and everything was explained clearly. Couldn't have asked for a better service, thank you.
Abbiegail
Thank you so much to Ryan and Lynsey for helping us find the perfect mortgage for my family! Great communication and help throughout the process. Will definitely be recommending to friends and family in the future
Shacheesh
both Jason and Molly have been extremely professional and efficient in the complexities of mortgage application allowing the application to go through within a week from contact. Excellent work.
George
Great service so far, we are in the process of buying a house as first time buyers, all our questions were answered and we have received great guidance. We have now got our mortgage offer. Very pleased with the service we had from Jason and Daniel.
Partson
Excellent responsiveness
Ebo
Spoke with Hannah B and she was lovely!
Liam
Very helpful and felt at ease from the start. Received all the documents for me to fill in straight away and got my mortgage appointment booked in for the day after.
Mathew
The team at UK Moneyman were constantly in touch, informing me of any delays, updates or required additional information. Communication is key and they kept me informed every step of the way. Great service.
Daniel
Very helpful staff especially karen goes that extra mile to make sure you’re in the know of what you need to do definitely gets my 5 stars
Kerry
From start to finish nothing was to much trouble for Nathan and his team , they kept us updated all the time , i would definitely recommend them without a doubt.
bethany
Very pleased with the service provided, Good communication and easy to deal with.
Lucy
Brilliant company. So helpful and great communication! Very quick and efficient. 100% recommend.
Victoria
Nathan and Laura went above and beyond to get our mortgage. Always at the end of the phone if needed. Also quick replies through emails. After a very long anxious wait we finally received our offer. Thank you both
Collette
I cannot recommend Doncaster Money Man enough! Right from the initial phone call the the service was outstanding. Huge thanks to Chris, Jonathan and Megan who went above and beyond to get us the best deal. Always professional and helpful they kept...
Emily
Great service start to finish! Would not have been able to do the process without them. Very professional. Thank-you to Leo and Chloe. Would definitely recommend to first time buyers!
Mesut
Fast and good service
Simeng
Very responding with good services. Recommend to everyone.
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.
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.
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.
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.
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.
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!
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
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