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Become a Home Owner Sooner Than You Think

Are you finding it difficult to get on the property ladder? It could be that your earnings are not high enough to enable you to obtain a mortgage which is sufficient to buy a property or the high cost of renting means that you just don’t have any spare money to put away for the huge deposit needed. The answer could be a shared ownership mortgage.

Shared Ownership Mortgages

Shared ownership is a wonderful opportunity since it means that you normally require a lower deposit to get on the property ladder however some mortgage providers can be wary. For this reason, we suggest that you make use of a knowledgeable mortgage broker like The Mortgage Hut to put your mortgage application with the right loan provider.

  • Shared ownership means you own part of your home and rent the other part (generally from a housing association). Usually shared ownership offers can begin at 25%, 50% or 75% of the property value. As part of the shared ownership offer, you might have the option to buy further shares in the property as time goes on if it becomes economical.

  • These properties are usually on a leasehold of 99 years. Portions of the property are usually sold in 25 per cent increments, although ‘stair casing’ allows you to purchase beyond these increments if you need. Therefore you live in the home and pay a mortgage on the 25 per cent, and rent on the 75 per cent that the housing association owns.

  • There are various kinds of schemes offered, some are for social housing occupants and others can be for essential workers, such as nurses and teachers. they are generally readily available to you if your income is less than £60,000 a year, although this can be higher in London.