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Shared Ownership in London

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Shared Ownership in London

Your path to property ownership starts here, discuss your Shared Ownership mortgage options with an expert advisor today.

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What is a shared ownership mortgage in London?

A shared ownership mortgage is a type of loan from the bank that allows you to purchase part of a property in London and rent the rest.

Properties eligible for purchase under this scheme must be listed as part of the shared ownership scheme.

Typically, you can use a shared ownership mortgage to purchase 25% to 75% of the property, although you can by 10% on some homes, you’ll then pay rent on the other part.

You’ll need a 5% deposit for your mortgage, it’s 5% of the share you are buying and not the total value of the property.

Over time, you’ll be able to purchase the remaining shares (a process known as staircasing) and can stop paying rent on the property.

If you want to get a shared ownership mortgage in London, you’ll benefit the help from a experienced mortgage broker in London to find you the most suitable deal.


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Shared Ownership in London

How to get a shared ownership in London?

One way to find a home you can buy with a shared ownership mortgage, you can contact what’s called your local help to buy agent. It varies by region.

Due to the increased administration that’s invovled with getting a shared ownership mortgage in London. It’s always good to have a mortgage advisor in London by your side.

A shared ownership mortgage will help you compare deals to recommend the most suitable one for your personal situation.

While shared ownership presents opportunities, it may not suit everyone. Your mortgage advisor in London will provide comprehensive insights into both the advantages and disadvantages of the scheme, and make any fither recommendations.

What are the requirements for shared ownership in London?

Before preparing for your application, we’ll make sure that you quality for the shared ownership mortgage in London. Those requirements are:

  • You must be 18+.
  • Your household income is £80,000 a year or less (£90,000 a year or less in London).
  • You should not be able to afford a home on the open property market.
  • You cannot be in mortgage arrears or rental debt.
  • You must prove that you have a good credit history (this can be done by passing credit checks and affordability assessments).

If you are eligible for a shared ownership in London and want to know if you quality for a mortgage. Feel free to book a free mortgage appointment to speak with one of our mortgage advisors in London today. We will help you compare 1,000’s of mortgage deals available for your specific requirements and look at your options.

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FAQ's - Shared Ownership Mortgages London

Are shared ownership mortgages more expensive in London?

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Yes, compared to a standard mortgages shared ownership mortgages tend to be more expensive in London, this is due to the following:

  • Increased administration involved with the scheme.
  • They are deemed as higher risk by the lender.
  • Not all lenders offer them.

Even factoring in the additional expenses,opting for a shared ownership mortgage in London can offer a great opportunity to get on or move up the property with little deposit. Even considering the rental payments for the portion of the property you don’t own and the service charge, it can oftern work out cheaper than privately renting.

In the future, if you choose to staircase up and buy 100% of the property, you will then be able to remortgage in London onto a standard mortgage deal.

Do you pay rent and mortgage on shared ownership?

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Yes, with a shared ownership property you will pay rent and service charges to the landlord on the part of the property that you do not purchase.

The rent payable will need to be factored into your affordability when we calculate your mortgage borrowing. There will be an agreement in place between you and the landlord stipulating how much and when the rent is due, also, how much the service charge is and what is included.

In the future, if you own 100% of the property, no rent will be payable to the landlord. Due to shared ownership properties being leasehold, a service charge will be payable.

How does Shared Ownership in London work?

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Shared Ownership allows you to take out a mortgage on a percentage of a property and pay off the remaining percentage through rent. You are usually able to take out a Shared Ownership mortgage on 10% and 75% of the property value.

If you were to take out a mortgage on 65% of the property, you would be making mortgage payments on this amount and rent payments on the remaining 35%. Although you have two outgoing payments, sometimes it can work out cheaper to utilise Shared Ownership in London rather than take out a full mortgage or rent a property.

How much deposit do I need for a Shared Ownership mortgage?

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Since you are taking out a mortgage on a percentage of the property, you only must put down a deposit on this total. If the minimum deposit that you are required to put down is 5%, your deposit on a share of 10%-75% will be cheaper than a deposit on 100% of the property price.

Can I get a Shared Ownership mortgage in London with bad credit?

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If you have bad credit in London, you may need to consider alternatives to the Shared Ownership scheme. Unfortunately, most lenders will not accept applicants with bad credit.

There are specialist lenders out there that offer products for bad credit applicants or those suffering from a low credit rating. Our mortgage advisors in London can explore these options with you and help you find an appropriate deal for your individual situation.

Do I need a mortgage for Shared Ownership in London?

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Shared Ownership is a mortgage in itself, and you will making regular monthly payments to pay it off. You will also have to make rental payments on the remaining share of the property to the housing association.

You cannot own another property when utilising the Shared Ownership scheme, therefore, you must be a first time buyer in order to start your process.

It is also worth knowing that you can only take out a Shared Ownership mortgage on a new build property. Any property that is purchased under the Shared Ownership scheme with be leasehold.

What is the minimum income for Shared Ownership in London?

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To take out a Shared Ownership mortgage in London, you will need to be at least 18 years of age and your annual household income must be less than £90,000.

If you have a higher income, it is unlikely that you will be able to qualify for the scheme.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

During this appointment, your mortgage advisor will also review your income and expenditure to work out your mortgage affordability and eligibility for a Shared Ownership mortgage in London.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will search for 1000 mortgage products to find the best one at your disposal.

We will help you obtain your mortgage agreement in principle, which is a great tool for backing up any new build offers you put down.

Submit Your Help to Buy Application

Step 3

Once your purchase offer is accepted, we will submit your full mortgage application and evidence documents to the mortgage lender.

While this process is going on, your dedicated case manager will ensure that you are kept up to date through a formal mortgage offer, completion and beyond.

Protecting You and Your Mortgage

Step 4

However, our service is more than that. Not only will we secure the best mortgage deal for you, but we will also recommend relevant insurance to protect you and your family.

We will also contact you when your mortgage deal ends to make sure you are on the best deal.

Reasons to Choose us

Mortgage Experts - Shared Ownership in London

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We have been helping home buyers with Shared Ownership mortgages for years now and we want to help you next. During your free mortgage appointment, we will be able to discuss the process and see whether you meet the scheme's requirements.

Customer Service

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We have been working in the mortgage industry for over 20 years now and have helped many customers achieve their homebuying dreams. we love providing a great service! Customer service is always at the forefront of what we do here.

Our hard work and determination to find you the best deal available is reflected in our brilliant reviews; feel free to check some of them out!

Book Online - Simple & Easy

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Using our new booking system, you are now able to book your free mortgage appointment online. We have availability 7 days a week, so you can choose slots on a weekend if that appeals to you more.

1000s of Deals

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We have a huge panel of lenders that offer both high street and specialist products. Our job is to search these lenders to try and find you the perfect mortgage product that matches your personal and financial situation.

Our mortgage advisors in London are highly experienced and know exactly what they are doing when it comes to finding you the right mortgage. Get in touch with our team at Londonmoneyman today and we will see how we can help.

Malcolm and Amy Davidson - Mortgage Advice in London

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Popular Scenarios for Shared Ownership in London

Do I need a deposit for a Shared Ownership mortgage in London?

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When it comes to taking out a mortgage, there are only very specific circumstances where you will not have to put down a deposit. With Shared Ownership, you will need to put down a deposit and the minimum that you are required to put down can changed depending on a few factors.

One factor is what percentage of the property you are taking out a mortgage on. If you are taking a mortgage out on 50% of the property, you would usually expect to put down a deposit based on that amount. In this scenario, if the property is valued at £200,000, you own a 50% share and the minimum deposit required is 5% of that amount, you are looking at an approximate deposit amount of £20,000.

Another factor that can affect everyone, not just Shared Ownership applicants, is your credit score. In most cases, if you have a low credit score, you should expect to put down a higher deposit on your property.

Can I increase my share of the property in London?

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In the industry, this is known as “staircasing”. This is when a homeowner asks the local authority and building society if they can increase the share that they own.

If you only own 10% of the property initially, you should have the option, for example, to purchase a further 25%, should it be affordable in the future.

There may be a discussion at the point of purchase regarding whether or not you could have the chance to purchase in the future.

Are there any other fees that come with Shared Ownership in London?

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Because all Shared Ownership homes are leasehold, you will face ground and service fees on top of your regular mortgage payments and rent. You will also have to consider the costs that come with taking out a mortgage; costs could include property surveys, legal fees and any broker fees.

When selecting a property survey, even if you have to pay a little bit more, it could be worth upgrading to a more in-depth survey so that if there are any issues present with your potential future home, you know of them. Anything you don’t look at could harm the property’s value in a few years’ time. A dedicated mortgage advisor in London will advise you on the best survey to take.

Can you take out a Shared Ownership mortgage on any property in London?

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The Shared Ownership Scheme is limited to properties that are owned by housing associations or builders. In some cases, the property that you are looking at may have been built for a Shared Ownership mortgage and you would not be able to take a regular mortgage out on it.

Our job is to explain the whole of the process to you; how Shared Ownership works, why it may be beneficial to you and how we can get started!

Book a free mortgage appointment today and get started on the process of Shared Ownership in London.

Mortgage Guides & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

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