Shared Ownership London | Shared Ownership Advice in London

Shared Ownership in London

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Mortgage Advice for Shared Ownership in London

 If you are struggling to get onto the property ladder, you may find that utilising a government scheme could help! There are many different schemes available to help buy a property and some of them will benefit you and your situation more than others. This scheme is unique due to its ability to let you take out a mortgage on a percentage of a property and pay the rest back through rent.

 

You may find it strange to think that you can take out a mortgage on a part of a property, however, it’s very popular! As a Mortgage Broker in London, we regularly see applicants wanting to purchase a property through the Shared Ownership scheme.

 

The way that it works is that you will have to purchase a 10-75% share of the property. The remaining percentage is owned by the local authority or builder. You will not only have your usual monthly mortgage repayments, but you will also have to pay rent on the remaining property share. Shared Ownership homes are always leasehold, which also means you’ll be paying ground and service charges.

 

Requirements for Shared Ownership in London

We will make sure that you qualify for the Shared Ownership scheme before you prepare your application, we don’t want you to be declined! You will need to meet these requirements prior to being able to take out a mortgage via the Shared Ownership scheme.

 

  • You must be 18+.
  • Your household annual income cannot be any higher than £80,000.
  • You should not have the ability 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 in the market for additional Shared Ownership Mortgage Advice in London, feel free to take a look at our YouTube explanation below. We also answer common Shared Ownership FAQs just below if you need further information regarding Shared Ownership mortgages in London.

 

 

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Popular Scenarios for Shared Ownership in London

As a Mortgage Broker in London, we always receive questions from customers wanting to begin their Shared Ownership journey in London. It’s totally normal to not know how to start the process and want to ask questions! We would rather that you ask questions so that everything is explained to you transparently and with simplicity.

 

Here are some of the most common questions we are asked about Shared Ownership in London:

 

Do I need a deposit?

Nine times out of ten, you will need a deposit for any type of mortgage (the odd occasions include gifted deposits and Right to Buy purchases). Shared Ownership works the same, however, you will only need to put down a deposit on the share that you are buying.

 

For example, if you are purchasing a property valued at £300,000 and you wanted to buy a 50% share, you need to put down a deposit for the £150,000 mortgage you are taking out. In this case, if your minimum required deposit was 5%, you would only need to put down a £7,500 deposit. Despite your monthly repayments being lower, you will also have to account for rent payments.

 

Can I increase my share of the property?

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.

 

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

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?

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.

Why Choose us for Shared Ownership Mortgage Advice in London?

Mortgage Experts – Shared Ownership in London

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

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

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.

1000’s of Deals

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. Contact Londonmoneyman today and we’ll see how we can help.

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Common mortgage
questions

Your free initial mortgage consultation in London will last roughly one hour. Your dedicated mortgage advisor in London will then recommend a mortgage for you, with no obligation for you to proceed. At this point, it is up to you to decide whether or not you wish to proceed with the recommended mortgage.

If you choose us as your Mortgage Broker in London, then our process will work as the following; One of our Mortgage Advisors in London will carry out a Fact Find to determine your, needs before recommending the most suitable mortgage available for you. A credit check will then be required for an Agreement In Principle.  Once all the relevant documentation has been gathered and the valuation of the property has been undertaken, a formal mortgage offer can be issued.

In order for you to ensure you are prepared as early as possible, our Mortgage Advisors in London recommend that you obtain an Agreement in Principle prior to viewing properties in London. At the very latest you should obtain a Mortgage Agreement in Principle before you make any offers, in order to help with your bargaining position.

An Agreement in Principle will normally last somewhere in the range of 30 and 90 days. This depends on the Lender that is being used. If your Agreement in Principle expires, your advisor can always refresh this for you.

If you are looking to achieve something like debt consolidation or home improvements, you may be able to get a second mortgage. The option for a second mortgage can also be used on a second property if you are looking at using it for yourself, a family member, a holiday home or a Buy to Let.

The minimum deposit necessary for purchasing a house in London with High Street Lenders is usually at 5%. If you have had previous credit problems, this could be higher.

Obtaining a mortgage if you have had previous credit problems isn’t completely impossible, but you may face certain hurdles, such as some lenders requiring that you put down a higher deposit than usual, perhaps 15% of the property purchase price.

You are able to get a mortgage once you have submitted at least one year’s accounts. The majority of Lenders use your salary plus dividend to calculate the maximum amount you can borrow, whereas others may use your net profit.

Three payslips are generally what is required for an employee to prove their income and if you are Self-Employed, it’s usually the latest 2 years’ accounts. You will also need to produce some proof of ID, your address and the latest 3 months’ bank statements.

If you take up a free initial mortgage consultation with one of our trusted Mortgage Advisors in London, your appointment will last around an hour. Your advisor will be able to turn round an agreement in principle within 24 hours, with a formal mortgage offer taking roughly about three weeks on average.

We make it so easy!
Our 4 step process

Get in Touch

Get in touch with our team and we will schedule you in an appointment with your own dedicated mortgage advisor in London.

Free Mortgage Appointment

Your advisor will speak to you and find out your mortgage needs and what you are looking for. This consultation will take roughly 30-mins.

Your Offer

Once we have your details, it's your turn to find a property and make an offer on it. In the meantime, we'll finalise your figures and help you to get a good deal.

Final Stages

If you are happy with your mortgage product and have agreed terms with housing association/builder, it's time to complete your mortgage process.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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