Shared ownership mortgages

A shared ownership mortgage could be ideal if you’re struggling to buy your first property. These mortgages allow non-homeowners to take out a mortgage on a share of a property and pay rent towards the rest. However, not everyone is suitable or eligible for a shared ownership mortgage, so it’s essential to get independent advice. We can assess your situation and help you secure the most suitable arrangement.
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Shared ownership could be your chance to get on the property ladder. We’ll help you take that first step.

Shared ownership mortgages enable you to own a share in a housing association-owned property. You can buy between 10% and 75% of the property, with a 5% deposit and the option to buy a bigger share in minimum 1% increments.

You may qualify for a shared ownership mortgage if any of the below apply:

• You’re a first-time buyer or a home mover who can’t afford all of your new property
• You currently rent a council or housing association property
• Your household earns less than £80,000 a year (or less than £90,000 in London)

Another government incentive for people aged 55 or over is the ‘Older People’s Shared Ownership’, which works similarly, but you can only buy up to 75% of your home. Once you own 75%, you won’t have to pay rent on the remaining share.

There are advantages and disadvantages to taking out a shared ownership mortgage, and they’re not suitable for everyone. Also, some providers offer better or more flexible deals than others. Flexibility will be vital if you plan to increase your ownership share.

We can advise on what’s most appropriate for your situation and, considering all factors, help you secure the right mortgage deal for your first home.

Because we play by the book we want to tell you that...

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

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