Shared Ownership Mortgages
Budget for the full housing costs
Shared ownership lets eligible buyers purchase a share of a home and pay rent on the share they do not own. It can reduce the amount you need to borrow initially, but you must budget for the full ongoing housing costs.
We’ll review your income, deposit, existing commitments and the proposed rent and service charges. We’ll then explain suitable mortgage options for the share you plan to buy.
Our Peterborough advisers support clients across the UK. Before you reserve a property, check your eligibility with the housing provider and ask us to review what you could afford.
Your monthly budget needs to include the mortgage, rent on the remaining share, service charges and any other charges in the lease. Allow for insurance, maintenance and the possibility that costs rise.
The deposit is usually linked to the share you buy, rather than the full property value. The minimum deposit and available mortgage depend on the lender, scheme and your circumstances.
Buying additional shares is often called staircasing. It can reduce the rent you pay, but requires funds and may involve valuation, legal and mortgage costs. The price of extra shares depends on the property’s value at the time.
Ask your solicitor to explain the lease, repair obligations, rent reviews and rules for buying more shares or selling. Some homes have limits on how much you can own.
Whether you are buying your first share, remortgaging or considering staircasing, start with a review of the costs and your plans. We’ll explain suitable mortgage options and help you prepare the application.
Bring the property details, proposed share, rent, service charges and any scheme documents to your appointment. Your housing provider confirms eligibility and your solicitor advises on the lease.
There may be a fee for arranging a mortgage, and the precise amount will depend on your circumstances. This will typically be £595.
Your home may be repossessed if you do not keep up repayments on your mortgage. Missing rent or other payments due under your lease may also put your home at risk.
Why us?
At More Financial, we are committed to providing exceptional customer service. We understand that the mortgage process can be daunting, and our team is here to support and guide our clients through every step of the process. We pride ourselves on our transparency, honesty, and integrity.
At More Financial, we are more than just a mortgage broking firm. We are professionals who are dedicated to making a difference in our clients’ lives. We believe that everyone deserves the chance to achieve their financial goals, and we are here to help make that a reality.
If you are looking for a mortgage broker who will do more for you, look no further than More Financial. Contact us today for your free consultation to learn more about how we can help you achieve your financial dreams.
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