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Shared Ownership in Leicester

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Shared Ownership in Leicester

Discuss your Shared Ownership mortgage options with a mortgage advisor in Leicester.

0116 296 2977

Mortgage advice for those looking at Shared Ownership in Leicester.

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’.

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Shared Ownership in Leicester

What are the requirements for Shared Ownership in Leicester?

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;

  • You must be at least 18 years old.
  • Your annual household income must be a minimum of £80,000.
  • You should not have the ability of affording a home on the open property market.
  • You must not have any mortgage or rent arrears.
  • You must show proof that you have a good credit history (this can be done by passing credit checks & affordability assessments).

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.

How does Shared Ownership in Leicester work?

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.

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FAQs for Shared Ownership Mortgages in Leicester

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

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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.

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

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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.

Why use a mortgage broker in Leicester for a Shared Ownership mortgage?

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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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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

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.

Submit Your Help to Buy Application

Step 3

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.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Leicester

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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.

Customer Service

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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.

Book Online – Simple & Easy

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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.

1000’s of Deals

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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.

Malcolm and Amy Davidson - Mortgage Advice in Leicester

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Popular Scenarios for Shared Ownership in Leicester

Do I need a deposit?

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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.

Can I increase my share of the property?

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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.

Are there any other fees that come with Shared Ownership?

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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.

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

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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.

Mortgage Guides & 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.

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