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Award Winning Shared Ownership Mortgages
We’ve been recognised for our fantastic shared ownership mortgage products and we’re always looking to improve further.
Our great relationships with our lenders means we have access to a plethora of shared ownership mortgage deals, including exclusives.
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No hidden charges here. You’ve nothing to lose by letting us find a shared ownership mortgage deal that suits you.
Think of shared ownership mortgages as a cross between buying and renting. Introduced by the government as part of the Help to Buy Scheme, you can purchase between 25%-75% of a property, if you can’t afford 100% of the mortgage, whilst renting the remainder.
Shared ownership mortgages are a helpful solution to getting people onto the property ladder who haven’t got big budgets. By allowing buyers to gradually build up their share of the property over time, by buying an initial percentage and renting the remainder, it can reduce the financial implications for those who don’t earn enough money to take on a regular mortgage.
Initially, you would purchase a percentage of the property (somewhere between 25% - 75% of its value), with an option to invest in the rest at a later date, whilst renting out the remainder at a subsidised rate. Securing a reputable mortgage broker, like MortgageKey, to iron out the rest of the deal is advisable. From here, when your mortgage term expires, you can choose to invest further and purchase a larger share of your home. If you reach the lofty heights of 75% home ownership, you may not need to pay a subsidised rent.
Like most mortgages, eligibility differs from one person to the next. Lenders will assess each person differently but the criteria they lean towards are those who: are in a first time buyer position; have sufficient savings to cover the cost of deposits and other fees; currently rent a council or housing association property or are of military personnel.
The majority of the homes available for shared ownership mortgages are newly built. Although some properties do get re-sold by housing associations back into the market. Beware that in England all shared ownership homes are on a leasehold only basis. This means that you only own the property for a fixed amount of time. Also, if your property drops in value, you may be able to buy more shares without spending as much money. On the other hand, if it increases in value, you may have to pay more per-share than you originally did.
If you’re keen on owning your own home but think you may not have the finances in place for it, a shared ownership mortgage could be the answer. Shared ownership mortgages offer flexibility, in terms of cash amounts you need to secure your first property and monthly repayments. What’s more is that they provide a stepping stone solution to a 100% mortgage.
A shared ownership mortgage is favourable if you’re fed-up of renting or living with friends or relatives and are itching to get onto the property ladder. This mortgage product is designed to assist those of you who may not have the monthly finances for a high percentage mortgage but have enough to own a segment of the property with a vision of increasing that percentage further down the line.
The process of securing shared ownership mortgage, and choosing the right mortgage deal, requires a lot of research, we appreciate that. That’s why, here at MortgageKey, our industry experts take the time to compare and search through thousands of shared ownership mortgage deals from leading providers to present you with the options they believe are right for you and your property.
There are a range of factors you need to consider when thinking about shared ownership mortgages. The main one being a deposit; without one, you’re going to struggle. Yet, depending on the deal you negotiate, and your individual circumstances the deposit and your monthly repayments, along with your subsidised rent rate will vary. As part of securing a home, there are other factors such as: building insurance, removal costs, stamp duty and solicitor’s fees to consider. You should also set a budget aside for any decorating or furnishing you are planning, as well as other essentials you may need.
Firstly, there is no obligation, or fees, for our friendly advice or quotes. Secondly, you can benefit from our years of experience and lasting relationships with a comprehensive range of lenders. Finally, our expertise and knowledge with help you to familiarise with even the most complex mortgage procedures. Our friendly and attentive staff, offer a five-star service from inquest to completion.
Relieving you of the stress and complexities of shared ownership mortgages is high on our agenda. We have the people in place to do the hard work for you. The constant changes in our industry mean we always have our finger on the pulse, keeping you are as up-to-date as possible so that you can make the right decision.
By keeping a close eye on the market, and through regular activity with our lenders, we are perfectly poised to identify which providers are best suited to your individual circumstances. Not all lenders offer shared ownership mortgages. Fortunately, here at MortgageKey, we have solid relationships with lenders who are willing to support this scheme.
Our mortgage advisors are available Mon-Fri from 9am to 8pm, giving you plenty of opportunity to seek a quick overview of what your mortgage deal could potentially look like.
A dedicated team of mortgage experts will answer your questions, queries and provide quality advice for your personal circumstances and the specific mortgage product suited to you.
We’ll take care of your application to your chosen lender from start to finish, in record time. All for free.
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