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Shared Ownership Mortgages
So, you've set your sights on homeownership, but the thought of diving headfirst into the property market seems a bit daunting, doesn't it? Well, fear not! Shared ownership could be the answer you've been looking for. It's like the buddy system for homebuyers, where you can team up with a housing association to make your dreams of owning a home a reality.
But what exactly is shared ownership, you ask? Picture this: you find your dream home, but instead of purchasing the whole property outright, you buy a share of it. The remaining portion is owned by a housing association, and together, you and your new buddy embark on a homeownership adventure. It's like having a supportive co pilot on this thrilling journey to owning your slice of heaven!
Under the Shared Ownership scheme, you will purchase a share of the property and pay rent on the remaining share owned by the Housing Association (HA). The HA portion refers to the percentage of the property that you do not own. Rent will be charged on this HA-owned share at the agreed rate specified in your lease agreement.
For example:Your share: 50% HA share: 50% (rent is payable on this portion)
One of the fantastic benefits of shared ownership is the reduced upfront costs. Say goodbye to those sleepless nights worrying about scraping together a hefty deposit. Instead, you only need to put down from 5% deposit and that's of the share you buy, which typically range from 25% to 75%. It's a golden opportunity for aspiring homeowners to get their foot on the property ladder without breaking the bank.
But wait, there's more! Shared ownership also offers you the chance to increase your share over time through a process called staircasing. No, we're not talking about climbing actual stairs (although we do recommend some exercise). Staircasing allows you to gradually purchase more shares in your home, inching closer to full ownership. It's like unlocking new levels in a video game, except this time, the prize is complete ownership of your home sweet home.
At More Financial, we're here to guide you through the shared ownership maze and help you find the perfect mortgage match. Our team of expert mortgage advisors will be your trusty navigators, steering you in the right direction and making sure you're well-prepared for this thrilling homeownership adventure.
So, whether you're a first-time buyer ready to take the plunge or a seasoned homeowner looking for a new and exciting path, shared ownership and its accompanying mortgages are here to bring a dash of intrigue and a whole lot of possibility to your property journey.
Take the leap, embrace the intrigue, and let More Financial be your partner in shared ownership success. Together, we'll unlock the doors to your dream home and create a story worth sharing!
Ready to embark on your shared ownership adventure? Contact us today and let's make homeownership dreams come true!
Disclaimer: While we've infused this page with intrigue and light-heartedness, we take shared ownership and mortgages seriously. We're committed to providing expert advice and support throughout the process to ensure you make informed decisions. Let's have some fun while making your homeownership dreams a reality!
Your home may be repossessed if you do not keep up repayments on your mortgage.
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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