SHARED OWNERSHIP
MORTGAGES

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

Getting a mortgage with shared ownership

With this type of mortgage, you buy a share in the house and pay a Registered Social Landlord a rent on the remaining share. These can include housing associations, trusts, or co-operatives etc.

In order to help you find the best shared ownership mortgage deals available to you, we believe it is important to obtain independent mortgage advice from a qualified company who can guide you through the process.

ams: are truly independent mortgage brokers, selecting the best shared ownership deals from every lender in the country for our clients. We aim to have a decision within an hour and will handle your application for you until it completes.

If we can't help, it's not possible.

CALL US NOW 0121 4000 052
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Shared Ownership Mortgage Experts

Unlock the door to homeownership with our shared ownership mortgages. Get a foot on the property ladder and enjoy the benefits of owning a share of your dream home. Flexible and affordable solutions tailored to your needs.

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Low Credit Score Support

Turn your homeownership dreams into reality with our low credit score mortgage support. We believe everyone deserves a chance to own a home, regardless of credit history. Let us help you find a tailored solution.

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Purchase a Share in your Home

Take the first step towards owning your home. Purchase a share in your dream property with our shared ownership mortgages. Affordable, flexible, and designed to help you achieve homeownership. Start your journey today!

SHARED OWNERSHIP MORTGAGE FAQs

Our team can help you find a lender open to offering you a shared ownership mortgage.

What is a shared ownership mortgage?

Shared ownership mortgages offer an innovative path to homeownership, allowing home buyers to purchase a portion of a property while paying rent on the remainder. It is an ideal solution for those unable to afford to buy a property outright. Buyers can start with a share ranging from 25% to 75% of the property's value, reducing the initial deposit and mortgage burden.

Over time, home buyers can increase their share through staircasing. Housing associations and private developers often provide shared ownership mortgages, offering an affordable and flexible entry into the property market. This option is particularly popular among first time buyers who meet the eligibility requirements. With shared ownership, individuals can experience the perks of homeownership and gradually progress towards full ownership.

How can I be eligible?

To be eligible for shared ownership mortgages, you typically need to meet certain criteria. You must have a combined household income of £80,000 or less (£90,000 in London).  You can be a first time buyer or a current shared owner. Ideally, you will have a good credit history and be able to prove you can afford to pay the monthly repayments.

There are also sometimes specific eligibility requirements set by the Housing Association or Developer, etc., offering the shared ownership scheme.

Does bad credit stop me from using shared ownership?

Do not let bad credit deter you from obtaining a shared ownership mortgage. Lenders have varying criteria, and some (like the ones we work at ams:) specialise in working with individuals with imperfect credit histories. Despite the challenges, there are options to secure a shared ownership mortgage.

There is no need to worry, enlisting the assistance of an ams: specialist mortgage broker will guide you through the process and connect you with flexible lenders that are open to considering your application.

Are shared ownership mortgages available for new build properties only?

Unlock your pathway to homeownership with shared ownership mortgages, not just for new builds! While new properties are commonly included, shared ownership schemes also frequently provide options for purchasing existing properties. This flexibility expands your choices, allowing you to find the perfect home, whether it is a brand-new build or a pre-owned home.

Keep in mind that availability varies depending on the Housing Association or Developer offering the scheme, so explore all options to find the perfect fit for you. With shared ownership mortgages, the dream of homeownership is within reach, when you contact ams: regardless of the type of property you choose!

Can I get a shared ownership mortgage if I'm self-employed, a contractor or freelancer?

Certainly! Shared ownership mortgages are open to self-employed individuals, contractors, and freelancers. Lenders recognise the unique income patterns of these professionals and offer mortgage solutions tailored to their needs.

While the criteria may differ across lenders, you will generally be required to show proof of income and affordability. This can involve submitting tax returns, bank statements, and relevant contracts or invoices.

Collaborating with an experienced mortgage broker (like ams:) specialising in self-employed mortgages will simplify the process and enhance your chances of obtaining a shared ownership mortgage. Embrace homeownership regardless of your self-employment status, discover the available options today by contacting ams:

If we can’t help, then it’s not possible!

What are the pros and cons of a shared ownership mortgage?

Pros

Shared ownership mortgages present both advantages and factors to consider. They provide an opportunity for aspiring homeowners to enter the property market with a lower deposit and mortgage, making it more affordable. The chance to increase ownership share over time through staircasing is another benefit.

Cons

However, it is important to be aware of potential drawbacks. Shared ownership properties might have restrictions on selling or renting, and additional costs like service charges and maintenance expenses may apply. The process of purchasing more shares can involve valuation and legal fees. Carefully evaluate these aspects in relation to your own situation and long-term objectives before committing to a shared ownership mortgage.

How long does the shared ownership mortgage application process take?

The timeline for the shared ownership mortgage application process can vary based on various factors. Typically, it follows a similar timeframe to a standard mortgage application, usually ranging from 4 to 6 weeks.

However, it is crucial to consider that specific variables can impact the duration, including application complexity, the responsiveness of involved parties, and lender requirements. Collaborating with an experienced mortgage broker specialising in shared ownership mortgages can streamline the process and ensure a timely application.

MORTGAGE CALCULATOR

HOW MUCH CAN YOU BORROW?

As a guide, you could potentially borrow around:

The figure above is calculated based around current lender criteria and may not be representative of the actual figure you may be able to borrow.

Want to find out more? Call 0121 4000 052

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