Best shared ownership deals

How it works

  1. Shared ownership: Problems halved or doubled?
  2. Shared Ownership Mortgages
  3. Insurance Cover
  4. Who can apply for Shared Ownership?
  5. Shared Ownership Mortgage Comparison - Share to Buy

This is something that our considerable experience and expertise means will ensure your mortgage application process goes as smoothly and efficiently as possible. Every lender has their own criteria regarding the types of properties they will provide mortgages for - and UKFCS Mortgage Specialists know, from experience whether a particular lender is going to be able to offer you a mortgage.

Shared ownership: Problems halved or doubled?

Our experienced team of mortgage advisers will be able to discuss each step of the process with you and then help you to decide whether this is a viable option for you. We won't charge you any fees at all, and we will be delighted to help you to buy your dream property through a shared ownership scheme.

As independent mortgage advisers and mortgage brokers we are committed to finding the best mortgage plan for your needs. We specialise in obtaining loans and commercial mortgages for all types of business and developments. We've used UKFCS Mortgage Specialists for many transactions because of their fast, knowledgeable and personal service combined with an excellent selection of lenders. Kirk, Danny, Alisha and the the team have been great for us and they can be for you too! I am a landlord therefore frequently used the services of UKFCS Mortgage Specialists to arrange or re-mortgages rental or personal properties without any issue.

The staff are friendly and helpful and the process was smooth and easy. I would highly recommend this company. We are local estate agent who values good services that we can provide to our sellers and buyers and mortgage advice is paramount to us. We have been working closely with UKFCS Mortgage Specialists for a couple of years now and being so close to our office means many of our clients choose to visit them straight after coming into our offices, or alternatively we can arrange for them to call our clients at a convenient time to discuss their financial needs.

They will guide the first time buyer through all the stages of the offer and explain everything every step of the way. Housing associations don't allow you to rent out your property, so if you want to move selling up is probably your only option and that comes with myriad difficulties. Whether you're allowed to rent out a room in your property will depend on your housing association, although many will allow you to take a lodger. Because you don't own the full property, under shared ownership the housing association has first refusal to buy the property back and has the right to market the property itself for a set length of time before you can place it on the open market.

If you're looking for a quick sale this could limit your market and slow things down considerably and the housing association is likely to charge a fee if the property sells. Shared ownership means you'll only own the property if you've staircased the rented portion of the property. The cost of the rented share will depend on how much the property is worth, which means that if property prices have risen, buying the remaining share will cost more.

Similarly, if property values have fallen the rented portion will cost less, but your share will also be worth less. All properties on shared ownership schemes are leasehold so there may be ground rent to pay as well as the rented part of the property. There are also usually service charges which could eat into the money you've set aside to grow your share in your home.

These fees can vary from property to property and can be substantial, so make sure you check them with the housing association or council beforehand. Shared ownership has attracted criticism in the past when rents and fees have increased steeply in a short space of time.

What are the Government schemes to help first-time buyers?

It's a good idea to try to find out how much management fees and rent are likely to increase by each year before committing to buy. If you decide to staircase, remember that you're likely to face further charges; there are usually legal fees to pay. Improving your home as a shared owner can be difficult, as you're not just improving your own share but the housing association's, too. This means that while you may spend time and money making your home more attractive to future potential buyers, you may not see the full benefit or recoup the costs.

You may also need to seek the housing association's permission for certain improvements under the terms of your lease. For shared owners this can be a frustrating situation and can put them off selling - or improving - their homes. Whether you're allowed pets will depend on the rules of your housing association, but as all shared ownership properties are leasehold you'll usually have to seek permission to keep dogs or cats. Yes, buying a Shared Ownership property without a mortgage is possible as to pay for your share, you can either use cash to buy it outright or borrow the funds via a mortgage.

Shared Ownership mortgage s are usually repayment only. Interest only is difficult to come by when purchasing through the scheme, and the few lenders which might consider it will insist that you have a high deposit and a viable repayment plan in place. That said, housing associations are generally against entering agreements with borrowers who are planning to take out a Shared Ownership mortgage on interest only.

Yes, the lease can be in sole or in joint names. If one of the people named on the mortgage passes away, the lease will transfer over to the other joint owner. No, usually only on specific new build homes and existing properties through resale programmes from local housing associations. A mortgage advisor can search the market for you, saving you time and stress. As well as this, a good broker will ensure that the mortgage you apply for is affordable and right for you based on your circumstances.

Shared Ownership Mortgages

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  1. Compare shared ownership mortgages.
  2. Am I eligible?.
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  4. Compare Shared Ownership Mortgages - Part Buy Part Rent!

Read through our articles about different shared ownership situations, and how best to prepare yourself to find the right mortgage for you. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority.

Insurance Cover

They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage.

Equity released from your home will also be secured against it. Access to specialist shared ownership lenders offering tailor made mortgages - even to though with bad credit history. Get the right advice here. I'm buying a home Get started. I'm remortgaging Get started. I'm buying to let Get started. Whole of market brokers We only work with brokers who have access to the whole of market. Our service is Free We don't charge a fee, your broker may charge once successful. The following topics are covered below… What is a Shared Ownership mortgage?

How much can you borrow? How much deposit will you need? How many shares can you get with a Shared Ownership mortgage? Over 82, Customers We've helped over 82, people get the right advice. Hundreds of 5 Star Reviews Heartwarming stories on Feefo. How does the Shared Ownership scheme work?

Who can apply for Shared Ownership?

So, you pay mortgage and rent on a Shared Ownership property? How to get a Shared Ownership mortgage To start the process of getting a Shared Ownership mortgage , speak to a mortgage advisor who can search the market for the best deal for you. Who is eligible for the Shared Ownership scheme? How much deposit will you need for the Shared Ownership scheme? All lenders are different and will have different criteria. How is the deposit calculated for a shared ownership mortgage? How do you buy more shares?

Usually 99 years.

Shared Ownership Mortgage Comparison - Share to Buy

Remortgaging a Shared Ownership property In the right circumstances, it is completely possible to remortgage a Shared Ownership property. How do I go about switching from a Shared Ownership mortgage? Can you remortgage on Shared Ownership with debt consolidation? Where can you find the best Shared Ownership remortgage deals?