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Shared Ownership in Birmingham

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Shared Ownership in Birmingham

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

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Mortgage advice for those looking at Shared Ownership in Birmingham.

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.

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Shared Ownership in Birmingham

What are the requirements for Shared Ownership in Birmingham?

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 Birmingham, please take a look at the video below. Alternatively, continue reading to see some of our Shared Ownership frequently asked questions.

How does Shared Ownership in Birmingham work?

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.

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FAQs for Shared Ownership Mortgages in Birmingham

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

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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.

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

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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.

Do I need a mortgage for Shared Ownership in Birmingham?

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Indeed, obtaining a mortgage is generally a requirement for purchasing your portion of the property in a Shared Ownership program in Birmingham.

What is the minimum income for Shared Ownership in Birmingham?

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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.

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

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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.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

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.

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 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.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Birmingham

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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.

Customer Service

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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.

Book Online – Simple & Easy

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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.

1000’s of Deals

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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!

Malcolm and Amy Davidson - Mortgage Advice in Birmingham

Exploring Shared Ownership Mortgages in Birmingham

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Pepper Money
Mortgage Works
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Natwest Mortgage Advice
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Accord Mortgages
Aldermore Mortgage Lender
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Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
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Popular Scenarios for Shared Ownership in Birmingham

Do I need a deposit?

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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.

Can I increase my share of the property?

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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).

Are there any other fees that come with Shared Ownership?

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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.

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

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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.

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

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