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The government introduced the Shared Ownership Scheme to help applicants who cannot afford 100% of the mortgage on a property. How the scheme works is when you take out a mortgage a smaller percentage of that property is owned by you.
Whereas the remaining percentage is owned by the local authority or builder. The amount you will have to purchase is usually between 25-75% share of the property. But some lenders might allow you to purchase as little as 10%.
Paying a smaller percentage of property does mean you will get expected to pay a monthly rental fee to the proprietor of the remaining shares. Because all Shared Ownership homes are classified as leasehold, you are required to pay ground and service charges.
Our mortgage advisors in York can check your eligibility to see if you fit the criteria for a Shared Ownership in York. If you are unable to fit the criteria for a Shared Ownership, there are other schemes that may be better suited for your current circumstances. Here are the Shared Ownership requirements:
Some customers are under the impression that they do not need to put down a deposit for a Shared Ownership in York. This is incorrect, you will need to put down some form of a deposit for a Shared Ownership.
The Shared Ownership scheme let you own a percentage of the property. The percentage you own is calculated in the amount of deposit you put down. For example, if your property was valued at £300,000 and you wanted to buy 50% of the share, you will be expected to put down a deposit of £150,000.
Likewise, if you put down a small deposit like 5%, your £150,000 would be on a 95% loan-to-value.
We like to remind all customers that the deposit you put down, the more deals that will be on offer to you and your potential mortgage payments will be much lower.
Although the phrase “shared ownership” implies a form of joint ownership, it doesn’t specifically involve living with another individual or household. Rather, it means sharing ownership of the property with the housing association.
Opting for a Shared Ownership home in York means acquiring a portion of the property. Typically, your initial ownership share ranges from 25% to 75%. You’ll manage a mortgage for the part you own and pay rent below market value for the portion you haven’t yet acquired.
Shared Ownership, a government-supported initiative, aims to help individuals in York and throughout the UK take their initial steps onto the property ladder, especially when purchasing a home outright may not be financially feasible.
Getting a Shared Ownership mortgage in York with a bad credit history may pose extra hurdles, but it’s impossible. Much like traditional mortgages, your qualification for a Shared Ownership mortgage depends on the severity of your credit issues and the criteria established by the lender.
When looking to get a Shared Ownership mortgage in York, the knowledge and support of mortgage experts become invaluable. These professionals are dedicated to navigating you through the entire process, assisting in finding competitive deals, and customising options to meet your unique needs.
Our mortgage advisors not only offer expert mortgage advice in York but also provide comprehensive explanations of terms and conditions, ensuring you secure the most fitting mortgage for your situation.
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Absolutely fantastic service , as first time buyers the team at Yorkmoneyman made the process of applying for our mortgage unbelievably easy and stress free . We cannot recommend them enough!
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They have been brilliant. Kept me informed and tried their best to get me to a point where I could apply for a mortgage. Only note to say is before committing wait for fully reviewed, not a criticism of UK money man and more just advice.
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During your free consultation with a mortgage advisor in York, they will analyse your income and expenses to assess your eligibility for a Shared Ownership mortgage in York.
Additionally, they will evaluate your mortgage affordability to ensure a comprehensive understanding of your financial situation.
Our team will meticulously search through 1000s of mortgage products to locate the most fitting deal tailored to your needs.
Our panel consists of both high street and specialist lenders, meaning that we can find the best deal for you.
Upon the acceptance of your purchase offer, we will proceed to submit your comprehensive mortgage application along with all the necessary supporting documents to the lender.
From this point in the process, we will hand you over to our team of case managers, who will work with you until you get the keys to your new home!
Our commitment goes beyond just finding the best mortgage deal for you. We will make sure that you are aware of the insurance policies that ensure protection for both you and your loved ones.
You are not obligated to take out insurance alongside your mortgage, it is a recommendation.
Having worked in the industry for over 20 years, our expert mortgage advisors in York have a good reputation for helping home buyers and homeowners in York get onto the property ladder.
Applicants who are looking to get a mortgage under the Shared Ownership in York. During your free mortgage appointment, one of our members will go into more details about the scheme and check your eligibility.
Here at Yorkmoneyman, the customer is the heart of this company, which is why we provide high quality, service to all new and existing customers. Our genuine customer reviews reflect how we have helped many customers in the past, who were happy with the service we provide.
Our team will always provide a professional service that is flexible to the customer. This is reflected through our appointment availability through offering appointments 7 days a week from early until late at night.
You can book a free appointment at a time that works around your lifestyle, subject to availability. Our mortgage advisors in York work 7 days a week until late so they can be there around a time that suits your needs.
Here at Yorkmoneyman, we have worked alongside a vast amount of high street and specialist lenders. Helping us provide a range of products, we can find you the most suitable deal for your situation.
As a mortgage broker in York, our 20 plus years in the mortgage industry has provided us with extensive experience of a range of mortgage situations. Therefore, you may find your situation is one we have encountered numerous times and can use our knowledge to help you with it. Get in touch and our team will see how they can help.
If you were looking to do this, this would be called ‘staircasing’ as you are slowly raising the share you own at any time.
For example, if you are only in ownership of 25% of the property to begin with, in the future you can purchase a further 25% should it be affordable in the future.
When doing this, you will find that you will be making lower amounts on your rental costs because you are increasing your share, but we tend to find your mortgage payments will keep constant.
When you are taking out a mortgage under the Shared Ownership Scheme in York, you will be paying off a mortgage, and other rental fees at the same time. As the property is leasehold you will be paying background rent and service charges too.
We recommend looking into a property survey, as they allow you to know any problems with the property in advance. There is a range of types of property surveys out there, however, one of our expert mortgage advisors in York will recommend the most suitable survey for you.
Certain properties are owned by housing associations or builders out there in York that the Shared Ownership scheme can be used on. You may find some properties were built in York with the scheme in mind.
For more information about the Shared Ownership scheme, one of our expert mortgage advisor in York will be able to provide you with more explanation about the scheme. To speak to a mortgage advisor in York today, book your free mortgage appointment online or by giving us a call.
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Yorkmoneyman.com & Yorkmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Yorkmoneyman.com & Yorkmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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