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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.
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.
As open and honest Mortgage Advisors in Birmingham, we regularly have customers who get in touch with questions and enquiries about Shared Ownership in Birmingham. It’s not the easiest scheme to understand!
Our job is to explain is simply and efficiently, so that you are better prepared for a Shared Ownership Mortgage. Here are the most popular FAQs that we receive when customers contact us about Shared Ownership.
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 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.
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!
4.99 Rating67 Reviews
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...
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...
Anonymous
Incredibly helpful, supported throughout whole process
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.
Tyler
Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
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...
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...
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.
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
Abdassami
Second time with this broker and it's been an amazing experience. Would definitely recommend. Anna and Matt were brilliant.
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...
Asia
Great team - very good communication and very nice, helpful team that made it possible for me! Thank you for the great service.
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.
Kazim
That nice 😊
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...
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...
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...
Anonymous
Very good service, unbelievable fast to apply my mortgage. Thank you all of you.
Tyler
Aaron was both very friendly and helpful over the phone.
Samina
Dale was a Very lovely person to speak to. Gave all the best advise he can and was very polite. Made me reassured with a few problems I may have but gave me a few options around getting a mortgage
Your free mortgage consultation in Birmingham will last approximately 30 mins. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to go ahead.
As your Mortgage Broker in Birmingham, we carry out a Fact Find to establish your needs prior to recommending the most suitable mortgage for you. A credit check is then required for an Agreement in Principle and then once you have provided all the relevant documentation and a valuation of the property has been carried out a formal mortgage offer can be issued
Our Mortgage Advisors in Birmingham recommend that you try and get your Agreement in Principle before you take up the decision of starting to view properties in Birmingham, to avoid disappointment. At the very latest you should obtain one prior to making an offer to assist your bargaining position with the seller.
An Agreement in Principle typically lasts for between 30 and 90 days depending on the lender. If your Agreement in Principle expires it can always be refreshed. If you need help obtaining one, our Mortgage Advisors in Birmingham can usually get one sorted for you within 24 hours of your application.
It can be possible to get a second mortgage on your home in Birmingham for debt consolidation or home improvements. It may also be possible to take out a mortgage on a second property if it is for your own use, the use of a family member, a holiday home or a Buy to Let.
To purchase a house in Birmingham, the minimum deposit with High Street Lenders is typically 5% but this can be higher if you have had previous credit problems.
If you have had credit problems you may still be able to get a mortgage but you will likely need to put down a higher deposit than usual, perhaps 15% of the purchase price.
You can get a mortgage in Birmingham once you have submitted at least one year’s accounts. Most lenders use your salary + dividend to calculate the maximum mortgage whereas others go off your net profit.
To prove income it’s usually three payslips for an employee and the latest 2 years’ accounts for Self Employed. In addition, you will need to produce proof of ID, address and 3 months’ bank statements.
Our free consultation in Birmingham typically lasts up to 30 mins or so. We can turn round an agreement in principle within 24 hours and a formal mortgage offer takes about three weeks on average. Before you know it, you will be moving into your new property in Birmingham!
Get in touch with our team and we will schedule you in an appointment with your own dedicated mortgage advisor in Hull.
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.
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.
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.
