Popular Shared Ownership Scenarios 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.
Do I need a deposit?
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.
Can I increase my share of the property?
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.
Are there additional fees that come with Shared Ownership in York?
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.
Can you take out a Shared Ownership mortgage on any property?
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.
Why Choose us for Shared Ownership Mortgage Advice in York?
Mortgage Experts – Shared Ownership in York
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.
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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.
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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.