With the Shared Ownership scheme, you can purchase between 25% – 75% of a property, but will also have the option to buy a bigger share in the property at a later date.
This scheme is aimed at people who don’t earn enough to buy a home outright. Most of the homes available are newly built, but some are properties being re-sold by housing associations.
To help First Time Buyers onto the property ladder, it was announced by the Chancellor in the 2018 budget, that there will be no Stamp Duty payable for First Time Buyers on properties up to £500,000.
What Are The Steps Involved?
We are highly experienced in arranging Shared Ownership mortgages for our clients.
We have access to a comprehensive range of mortgage lenders, all of which have vastly differing criteria. Therefore, it is important that you use a company that can research all the options to find the best mortgage product based on your needs and requirements.
We usually arrange a chat with you over the phone initially and help you understand the amounts you can borrow, costs of buying a property and the likely monthly payments.
We will summarise our entire conversation to you by email and explain the next steps in terms of helping you obtain a mortgage.
Once we have all the necessary information, we can obtain an AIP (Agreement in Principle) which you can use to show estate agents, evidencing your ability to obtain a mortgage. We are more than happy for you to provide our contact details to the agent/developer, should they need your offer to be ‘financially qualified’.
Once you have an offer we will help secure the right mortgage deal based on your needs and requirements and liaise with the estate agent, mortgage lender, solicitor, surveyor and all associated parties to ensure that the mortgage offer is issued as quickly as possible. We will also help you with all the legal forms that need to be completed and guide you right through to getting the keys to your new home.