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A shared ownership mortgage is sometimes known as ‘part buy part rent’. It gives first-time buyers the opportunity to buy a share in a new build property.
With a shared ownership mortgage, you are able to take out a mortgage on the share of the property that you own – this is usually between 25% and 75%. You then pay rent on the rest of the property that you don’t own to a housing association.
You will only pay a mortgage on the share of the property that you’re buying. This means that the amount needed to secure a deposit is usually significantly less than if you were to attempt to buy a property outright. As such, shared ownership mortgages help lower income households get on the property ladder.
A shared ownership mortgage works by buying a percentage of a property (usually between 25% and 75%) and paying monthly rent on the rest. You only pay a mortgage on the percentage that you own, so these payments are usually significantly lower than if you were to buy a property outright.
You’ll pay a much smaller deposit to secure your share of the property too, making it a popular choice for first-time buyers. This deposit is usually between 5% and 10% of the value of the share you’re buying. For example, if you wanted to buy a 50% share of a property valued at £200,000, you’d need £10,000 for a 10% deposit, and £5,000 for a 5% deposit.
Getting a shared ownership mortgage can be a comfortable middle ground between owning and renting. You’ll also likely have the option to buy a bigger share of the property at a later date.
No, shared ownership mortgages are not the same as shared equity schemes.
Shared equity schemes offer you a low-interest loan on the part of the property you can’t afford to buy. Shared ownership mortgages involve you buying a share of the property you can afford, and paying rent on what you can’t afford.
Shared equity schemes are also offered via the government’s Help to Buy Scheme.
In order to qualify for a shared ownership mortgage, there’s several criteria you need to fit. To be eligible for a shared ownership mortgage, you must:
Military personnel will be given priority over other groups through government-funded shared ownership schemes. People with a long-term disability could also qualify for a shared ownership scheme through the government’s Home Ownership for People with Long-Term Disabilities Scheme.
Here at Lending Expert, we do the hard work for you by comparing the different shared ownership mortgages that would be available to you. We provide impartial advice to help you find the best fit for your needs.
Get in touch with us to take advantage of our expert advice and find the best shared ownership mortgage for you!
We proudly offer shared ownership mortgages right across the UK. From Aberdeen and Cardiff to Liverpool and Canterbury, Lending Expert is here to find the perfect shared ownership mortgage for you!
Staircasing is where you keep buying shares of the rented part of the property you have a shared ownership mortgage on, until you own all of it. You’ll buy these shares from the relevant housing association, and increase your share off the property step-by-step.
You’re now able to staircase your property in increments of 1%, usually all the way up to 100% where you’ll own the property. At this point, you wouldn’t be paying any rent, only your mortgage payments.
The amount that you’ll pay for additional shares is dependent on the value of the property at the time – this will be determined by the housing association. For example, if the property is valued at £200,000 and you’d like to buy an additional 30% share, the cost of the valuation would be £60,000.
Yes, you can build an extension on a shared ownership house, but only with approval from the housing association.
The housing association will have the opportunity to sell the property before you do. This is known as the ‘first refusal’, meaning they can find their own buyer if they want to. This is also what happens if you don’t own a full share of the property at the end of your tenancy.