Whole of Market Mortgage Advice for Shared Equity / Shared Ownership Mortgages

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Shared Equity / Shared Ownership Mortgages

Shared Equity or Shared Ownership Mortgage schemes are used for part buy, part rent schemes commonly known as shared ownership.

These type of mortgage scheme are popular with first-time buyers because they only need to find a fraction of the deposit and mortgage amount needed to buy a similar property on the open market.

When you buy a shared ownership property, you only buy a percentage stake in the property, usually 25 to 50% – from a housing association. Although this can be affordable, as you only own a percentage of the property you will miss out on some of the equity growth if the housing market rises.

You can, however, staircase‘ which means buying another portion of the property later on.

Many of these shared ownership schemes, which often offer properties at a discount, are open to all comers through housing associations. Shared ownership mortgage schemes vary form lender to lender with some lending up to 100% loan to value on the purchased share.

Not all lenders support shared ownership mortgages, If you want further guidance or information, please don't hesitate to get in touch to discuss further.

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As an Independent & Whole of Market Mortgage Broker, I reserve the right to charge a fee for my services of up to £350 and I am also paid commission by the lender, alternatively you could receive the commission from the lender and pay me a fee of an estimated £995

Trevor Branton is a Registered Individual of Clearwater Financial Limited, who is a an Appointed Representative of Intrinsic Independent Ltd, which is authorised and regulated by the Financial Services Authority.

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