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The Shared Ownership Scheme helps home buyers who struggle to afford a mortgage. It allows you to buy a percentage of a property, usually 25%-75% (sometimes as low as 10%). The rest of the property is owned by a local authority, housing association, or builder, to whom you pay a monthly rental fee.
Shared Ownership is only available for certain leasehold properties, which means additional costs like ground rent and service charges.
To navigate this complex scheme, it’s beneficial to consult a mortgage broker in Leicester. Schedule a free mortgage appointment on our website by clicking ‘Get Started’.
Before you can go forth with the Shared Ownership Scheme, you’ll need to find out if you qualify. If you don’t quite meet the requirements for this scheme, you could be better suited for the Help to Buy Equity Loan. The requirements are as follows;
To find out further information regarding Shared Ownership mortgage advice in Leicester, continue reading to see some of our Shared Ownership frequently asked questions, or check out the Government’s OwnYourHome scheme.
In Leicester, Shared Ownership allows individuals to own a portion of a property, typically ranging from 10% to 75% of its market value, while paying rent for the rest. Gradually, through a process called staircasing, you can increase your ownership share by purchasing additional portions of the property.
For a Shared Ownership mortgage in Leicester, the deposit required may vary but usually falls between 5% to 10% of the portion being acquired, rather than the entire property value.
Although a poor credit history can pose challenges, it’s not impossible to secure a Shared Ownership mortgage in Leicester. Partnering with a lender who evaluates your situation on an individual basis can be crucial in overcoming such obstacles.
To navigate the process of obtaining a Shared Ownership mortgage in Leicester successfully, seeking the assistance of mortgage advisors is highly beneficial. Our team of knowledgeable mortgage advisors in Leicester can provide invaluable guidance, helping you find the best deals and options tailored to your unique circumstances. Our mortgage advisors in Leicester also ensure that you fully understand the mortgage’s terms and conditions, guaranteeing you get the most advantageous deal available.
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Rebekah
Jo and Chris were extremely helpful. Got everything done so quickly!
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Joanne
It was smooth, took all the stress of reseaching the best mortgage. Easy access to appointments. TOM was great and understanding
6 months ago
Bhaven
Very very good thank you
8 months ago
Zubair
Charlie was very easy to talk too and made things easy and simple to understand and explained our options in detail which really helped us through the process as first time buyers.
8 months ago
James
Jason and his colleagues at UK Moneyman have been amazing from the start. When we began the process of house buying and finding a mortgage we knew very little, but Jason explained much to us in a telephone consultation and outlined all our options....
2 weeks ago
Samantha
Very impressed, service was really good and efficient and anything g that needed explaining was done very clear. Would definitely recommend
2 weeks ago
Shelline
Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
3 months ago
Nafesa
I have been dealing with Wendy and Malcolm in regards to my house purchase and I could not recommend these enough. A true credit to the company. Very efficient with communication and solving any issues that needed to be addressed. Would highly...
5 months ago
Anonymous
Incredibly helpful, supported throughout whole process
5 months ago
Nazeef
Fantastic experience. Charlie helped me race through to secure the best mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
6 months ago
Andrea
The service was really good and want to say a big thank you to Leo and Wendy for all there help and guidance 😊
1 year ago
Ryan
Leo who help deal with all of our mortgage was brilliant, professional always there to guide us and explain every step, fully recommend him, We also spoke with Wendy and once again she was very friendly polite and there to help with anything...
1 year ago
Mohit
Really good service by Malcolm and the team. Fast and made sure to understand my needs regarding the mortgage I wanted and to meet them. Would recommend
1 year ago
Tyler
Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
10 months ago
Rosie
Made everything very easy, we are first time buyers and they couldn't have been more helpful or informative. They didn't make us feel like we were stupid for not know anything about buying a house and talked us through the entire process. They even...
10 months ago
Sophie
Tom and Meghan were brilliant throughout the entire process! Both were friendly and knowledgeable and explained everything to us clearly and answered our countless questions and gave us clarification where we needed it. Both were easy to contact and...
10 months ago
Esme
Super helpful, made the whole process really easy and explained everything as we went along. Pretty good at keeping in contact, keeping us up to date and explaining the choices we had and then giving us the time to discuss and make those decisions.
11 months ago
Anonymous
Buying a home can be a confusing process, especially if you are a first time buyer. Lyndsey and Ryan made the whole process really easy for us, helping us every step of the way ensuring that we were clear at all times. We now have a mortgage...
1 year ago
Sheikh
I must say I am very pleased with the service I recieved from Moneyman, they set up regular calls and kept us updated throughout the checking progress. Fairly priced fees and very knowledgeable! I would highly recommend their services
1 year ago
Abdassami
Second time with this broker and it's been an amazing experience. Would definitely recommend. Anna and Matt were brilliant.
1 year ago
When you meet with the mortgage advisor in Leicester, they will carefully assess your income and expenses to determine your eligibility for a Shared Ownership mortgage in Leicester.
They will also evaluate your mortgage affordability to find the most suitable option for you among a selection of 1000 mortgage products.
Obtaining a mortgage agreement in principle is an essential step, and our team will assist you in obtaining one, which can enhance your offers when purchasing new builds.
Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.
Throughout this process, your dedicated case manager will keep you informed of progress, from mortgage offer to completion and beyond.
Our commitment to you goes beyond securing the best mortgage deal. We also offer recommendations for insurance policies to protect you and your loved ones. Additionally, we'll make sure to notify you when your mortgage deal is due to expire, ensuring that you always have the best available option at hand.
With our comprehensive service, you can confidently navigate the complexities of obtaining a Shared Ownership mortgage and enjoy peace of mind throughout the entire journey.
At Leicestermoneyman, we have helped numerous applicants with Shared Ownership in Leicester, and we can help you too! In your free mortgage appointment, our dedicated advisor will explain all the details of the Shared Ownership Scheme and determine if you qualify.
Our excellent customer reviews speak volumes about our commitment to providing top-notch customer service. We work hard to support you throughout the entire process, ensuring you receive the best mortgage advice possible.
Booking your appointment is easy with our modern online form. You can select any day or time that suits you, as we offer flexible scheduling, including weekends and late hours. Our team goes the extra mile to accommodate your needs.
With access to a wide range of lenders, including high street and specialist ones, we can search through thousands of mortgage products to find the perfect fit for your unique situation. With over 20 years of experience, we've encountered various mortgage scenarios, so we're well-equipped to handle your case effectively.
Just like most mortgages, you’ll need to put down a deposit, typically between 5-10% of the property’s purchase price. Since Shared Ownership involves buying only a portion of the property, your deposit will be based on the share you intend to purchase.
For example, if the property is valued at £30,000, and you’re buying half of that share for £15,000, your deposit would be 5% of £15,000, resulting in a 95% loan-to-value ratio. The larger your deposit, the more mortgage deals you can access, and it may lead to lower monthly payments.
Referred to as “staircasing,” homeowners with a partial property share can buy more shares whenever they want. For instance, if you initially own 25%, you can purchase an additional 25% when you have the funds. This reduces your rental payments to the other party but keeps your mortgage payments unchanged.
With a Shared Ownership mortgage, remember that you’ll be paying both your mortgage and rent to the provider or landlord. Additionally, there are ground rent and service charges for all Shared Ownership homes since they are leasehold properties.
Considering a property survey is a good idea. Identifying any issues before buying is crucial to avoid potential future problems that could decrease the property’s value. A dedicated mortgage advisor can guide you in choosing the right survey for your needs.
Shared Ownership mortgages are offered for certain types of properties, including new builds, resold shared ownership properties, and homes designed for special needs, like ground floor flats for those with long-term disabilities.
Our dedicated and trustworthy mortgage advisor in Leicester will explain all the specifics of Shared Ownership. You can easily book a free mortgage appointment online at your convenience.
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Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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