The Shared Ownership Scheme was introduced to the market as a means of helping home buyers who were struggling to afford a mortgage. The scheme is designed so that you can purchase a percentage of a mortgage, typically between 25%-75% of a property. Depending on the case, this may be as low as 10%.
Of course in this case, you are only taking a mortgage out on a specific percentage of your new home. The remaining percentage will be owned by a local authority (council or housing association) or builder, of whom you will be paying a monthly rental fee to.
Generally speaking, Shared Ownership can only be used on certain properties, with those being on a leasehold basis. This means that on top of that, there are ground rent and service charges to pay back as well.
These rental payments will be made to the Housing Association or Builder who owns the remaining percentage of the property. Shared Ownership can be a complicated scheme, so it may be advantageous to seek advice from a Shared Ownership mortgage advisor in Birmingham. You can easily schedule a free mortgage appointment through our website by clicking on the ‘Get Started’ button.
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 Birmingham, please take a look at the video below. Alternatively, continue reading to see some of our Shared Ownership frequently asked questions.
Apply Now
Shared Ownership in Birmingham operates by enabling individuals to acquire a portion of a property, typically ranging from 10% to 75% of its total market value, and paying rent for the remaining portion. Through a gradual process known as staircasing, you have the opportunity to enhance your ownership share over time by purchasing additional portions of the property.
The deposit necessary for a Shared Ownership mortgage in Birmingham may fluctuate, but typically falls within the range of 5% to 10% of the portion you are acquiring, as opposed to the entire value of the property.
While having a poor credit history can present obstacles when seeking a Shared Ownership mortgage in Birmingham, it is not inherently insurmountable. It may be necessary to collaborate with a specialized lender who can evaluate your situation on an individual basis.
Indeed, obtaining a mortgage is generally a requirement for purchasing your portion of the property in a Shared Ownership program in Birmingham.
To meet the eligibility criteria for Shared Ownership in Birmingham, you must be at least 18 years old, and your annual household income should not exceed £80,000. If your income surpasses this threshold, it is improbable that you will qualify for the scheme.
If you're looking to secure a Shared Ownership mortgage in Birmingham, the services of a mortgage advisors in Birmingham can prove invaluable. We can help guide you through the entire process, identifying optimal deals and options tailored to your unique circumstances. Our knowledgeable team of mortgage advisors in Birmingham will also assist you in comprehending the mortgage's terms and conditions, guaranteeing that you obtain the most advantageous deal available.
Our Customers Love Us
4.99 Rating69 Reviews
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....
3 months ago
Samantha
Very impressed, service was really good and efficient and anything g that needed explaining was done very clear. Would definitely recommend
3 months 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...
6 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...
8 months ago
Anonymous
Incredibly helpful, supported throughout whole process
8 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.
9 months ago
Tyler
Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
1 year 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...
1 year 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...
1 year 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.
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
Nicholas
We couldn't be happier with the service provided. Matt has been professional, helpful and extremely supportive throughout our process. We will certainly be recommending you to friends. Communication was 5* and Matt was available at any point...
1 year ago
Asia
Great team - very good communication and very nice, helpful team that made it possible for me! Thank you for the great service.
1 year ago
Andrew
To say we have had a nightmare of a process of trying to buy a house would be an understatement, however Wayne and team were the bright light that helped us get through it. Can't thank them enough for their help.
1 year ago
Kazim
That nice 😊
1 year ago
Kristina
Brilliant service! Would highly recommend! Tom at the Birmingham branch was amazing. We're first time buyers so we were very unsure of the whole process and had lots of questions. Tom gave us all the support and guidance we needed and was there for...
1 year ago
Anonymous
Moneyman were really supportive during this process. After our first house fell through following downvaluation, they were really helpful in outlining the process moving forward and supporting us through the next house sale. Couldn't be happier with...
1 year ago
Eleanor
Thank you so much for your support Even when I Couldn't get hold of anyone else During the pandemic Your staff were there to encourage me to press on with the mortgage after Thanks for your help and the guidance Thanks for giving me a chance And...
2 years ago
Anonymous
Very good service, unbelievable fast to apply my mortgage. Thank you all of you.
2 years ago
During your appointment with the mortgage advisor in Birmingham, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Birmingham, as well as assess your mortgage affordability.
Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you. We will also assist you in obtaining a mortgage agreement in principle, which can strengthen any new build offers you make.
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 service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.
Additionally, we will notify you when your mortgage deal expires to ensure that you are always on the best deal available.
We have helped lots of applicants over the years with their Shared Ownership in Birmingham. We could be able to help you too!
During your initial free mortgage appointment, your dedicated mortgage advisor in Birmingham will explain the ins and outs of the Shared Ownership Scheme and will find out whether you qualify for it or not.
The wonderful customer reviews that we get on a regular basis say it all. Customer service is the basis of everything we do here at Birminghammoneyman.
We always work hard, supporting our customers throughout their process, to ensure they receive the absolute best mortgage advice service we can provide.
Our modern booking online form allows you to look at an open calendar and select any day or time that suits you, for your free mortgage appointment!
We have a flexible schedule, working from early until late, 7 days a week. We’re able to work around your home and work life, with members of our mortgage advice team working out of hours to meet your needs.
Follow our ‘Get Started’ process and get yourself booked in for your free mortgage appointment with one of our amazing mortgage advisors in Birmingham today.
We have access to a wide variety of different lenders, all with unique products tailored to different circumstances. Because we have access to both high street and specialist lenders, we are able to search through 1000’s of mortgage products, working hard to find the right one for you and your situation.
As a hard working mortgage broker in Birmingham, we have been around the world of mortgages for over 20 years and have experience in an array of unique mortgage situations. Whilst no two cases are the same, it is very likely that we will have encountered something similar in the past!
Some applicants may believe that they don’t require a deposit for a Shared Ownership mortgage, however, this is not true. In almost all mortgage situations, you will be required to put down a deposit for a property, with the amount of deposit varying on the rates you are looking to gain access to, as well as what the lender is willing to work with.
Typically, the required deposit amount is between 5-10% of the purchase price. By taking out a Shared Ownership mortgage, you are purchasing only a portion of the property initially, therefore, you will have to put down a deposit based on the amount you are looking to buy.
For example, if your property is worth £30,000 and you looked to purchase half of that share, you would need to put down a deposit in line with the £15,000 you will be paying for. If you put down 5% deposit on this amount, you will be on a 95% loan-to-value. The more deposit you can afford to put down, the more deals you’ll have access to and the lower your monthly payments could be.
Known as “staircasing”, applicants who own a percentage of the property may purchase additional shares at any time.
If you initially only wish to own 25% of the property, you could purchase a further 25%, should you come into the funds to do so.
This will reduce your monthly rental payments to the other party (however, your mortgage payments will remain the same).
When you take out a Shared Ownership mortgage, you will need to bear in mind that you will be paying back both your mortgage, as well as rent to the provider or landlord. On top of this you will be paying back ground rent and service charges, as all Shared Ownership homes will be leasehold.
It may be worth having a property survey taken out on the property too. If there are any problems with the property that you are looking to buy, it is important that you are made aware of these ahead of time. Anything left unfixed could damage the properties value down the line. A dedicated mortgage advisor will help you decide on the appropriate survey to take.
Shared Ownership mortgages are available on specific types of property. This includes new build properties, a property that was previously under shared ownership and is being resold as such, and homes that meet specialist needs, such as a ground floor flat for someone with a long-term disability.
Your dedicated and trusted mortgage advisor in Birmingham will be able to go over the details of a Shared Ownership in Birmingham with you. Book online to make your free mortgage appointment with one of our team at a time that best suits you.
Read our 69 Reviews
Birminghammoneyman.com & Birminghammoneyman 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
Contact
Follow Us
Birminghammoneyman.com & Birminghammoneyman 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
