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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 Help to Buy Schemes that may be better suited for your current circumstances.
– You need to be over the age of 18.
– Your household annual income cannot be any higher than £80,000.
– You should not have the capacity to afford a home on the open property market.
– You cannot be in a mortgage or rental debt.
– You must provide evidence of having a good credit history (this can be done by passing credit checks and affordability assessments).
For more information about the Shared Ownership scheme, we recommend watching our latest video which highlights popular FAQs for Shared Ownership. We always provide all new/ existing customers with open and honest Mortgage Advice in York.
Our team aim to provide a high standard level of service that allows you to comprehend what is going on throughout your mortgage journey by keeping the mortgage jargon to a minimum so you can get what the scheme is all about. Below we listed several popular FAQs regarding Shared Ownership in York.
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.
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 Leeds 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 getting in touch to kickstart your Shared Ownership in Leeds.
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.
4.96 Rating169 Reviews
Hayley
I find all things mortgage quite daunting yorkmoneyman completely took the worry away. I have taken my first mortgage and remortgaged with them. Lovely team, I highly recommend
Peter
Yorkmoneyman helped us get the right mortgage at the best rate available, Dinah who was our contact was helpful, knowledgable, friendly and made the mortgage procedure simple and quick for us to complete, would definitely recommend 😬
Jack
Charlie outstanding once again, 2nd Mortgage I’ve now got from him and referred everyone I know! Thanks again to you and your team!
Jack
Chris was excellent in guiding us through the process, and very well supported by Stacey. Everyone was always friendly, professional and very quick to respond.
Helen
I couldn't recommend this service highly enough. Dinah, our advisor was so helpful, knowledgeable and patient. She made everything easy and couldn't do enough to make everything happen.
Nicholas
Why do you make me write in this box?
Wei
Both Matt and Debbie are very kind and patient! They are skillful and help me a lot! Appreciate them!
Sandra
We asked Yorkmoneyman for assistance with obtaining our new mortgage, and would absolutely recommend! Their knowledge and expertise was second to none, and nothing was too much trouble. Many thanks to Wayne and Stacey for all they have done for us.
Daniel
Jason has been a massive help since i first went to him, is very quick with getting back to any problems we may have! Would recommend
Anonymous
I am genuinely delighted to share my exceptional experience with Dinah at Yorkmoneyman - Mortgage Brokers. From our initial conversation to securing an incredible mortgage rate, Dinah's professionalism, knowledge, and dedication truly stood...
Jamie
Working with Dinah has been an absolute delight. She has supported the application process at every step and has made the whole process as stress-free as possible. I highly recommend her services.
Liam
Great service - quick, efficient and honest. Will be using again.
Craig
Provided an excellent service. Really impressed with the knowledge of the current mortgage market and provide good advice. Weren’t pushy and gave plenty of options based on what we required, wouldn’t have been an issue if we just walked away as...
Carol
The team were brilliant from first contact, talking through our options. And really listened to what we wanted. They were exceptionally thorough checking all the documentation ensuring everything was in place prior to putting the mortgage...
David
York moneyman was very helpful with both finding us the best rate for our initial mortgage and then again when it was time to remortgage. The remortgaging advice was particularly welcome in these challenging times as it was free and helped us get...
Louise
From start to finish, helpful and informative all the way. Sound advice and quick responses. Would absolutely recommend York moneyman to anyone and would use again definitely.
Valentina
I used Yorkmoneyman service second time to remortgage my house and they were brilliant, happy with customer service, quick response, great communication and I would highly recommend.
Anonymous
5* service throughout the process. Look no further, can 100% recommend.
Paul
Easy to deal with, sound advice following a review of your needs. Would highly recommend to anyone
Richard
Tom and Chloe handled my mortgage application in a very professional and effective manner making the process simple for me as a first time buyer. I will definitely use them again when it comes to my mortgage review.
As your Mortgage Broker in York, we will start with a Fact Find. During this stage of the process, we will get a better view of your personal and financial situation which will help us when selecting a mortgage deal.
You will then have a credit check performed on you, this step is essential in order to obtain an Agreement in Principle. Once you’ve handed us all of the relevent documentation and a valutation of the property has been completed, a formal mortgage offer can be offered.
Your initial mortgage consultation will take around 30 mins, afterwards, we will try and arrange an Agreement in Principle for you within 24-hours of your consultation. The final step is submitting your application and waiting for a formal mortgage – this can take about three weeks.
As a Mortgage Broker in York, we always recommend trying to have an Agreement in Principle in place prior to viewing properties. An Agreement in Principle could put you in a position that would let you negotiate prices.
Your free initial mortgage consultation will approximately last 30 mins. During the consultation, we will ask you some questions and get a bigger picture of your personal and financial mortgage situation.
After the consultation, your dedicated Mortgage Advisor in York will begin searching for mortgage products, trying to secure you one that’s more competitive than your current rate. Once we find a product for you, it’s up to you whether you want to take the offer or not. If so, we can get the ball rolling and start the mortgage application submission process.
Yes, you can obtain a second mortgage in some cases. Whether it’s for home improvements, debt consolidation, for a Buy to Let or a holiday home, you should know that our Mortgage Advisors in York can help you with this.
When making a deposit on a property, High Street lenders will usually ask for a minimum of a 5% deposit. If you’ve had previous credit problems you may be asked to provide a higher deposit.
You may find it slighter harder to get accepted for a mortgage with previous credit problems, however, it’s not impossible! The difference is that you may be asked to put down a higher deposit than usual, perhaps 10-15% of the property purchase price.
If you manage to submit at least one year’s accounts, you are able to get a mortgage. As a Mortgage Broker in York, we see that a lot of lenders use your salary plus dividend to work out the maximum mortgage amount that you would be able to borrow. We’ve also seen some lenders go off your net profit.
Here are all of the documents that you’ll need to support your mortgage application in York
Once you obtain an Agreement in Principle, it should last around 30-90 days. This will depend on the lender that you’ve used.
If your Agreement in Principle expires, you can easily renew it by contacting your Mortgage Broker in York or your lender.
A telephone test call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
