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Shared Ownership Mortgages

Shared Ownership is a government scheme that can make purchasing a new property a little easier. If your deposit is not sufficient against the full value of a property (for instance, it is less than 5%) you could use a mortgage to purchase a share of the property instead.

 

Not all lenders offer Shared Ownership mortgages but, with an extensive knowledge of the market, we’ll find the most appropriate one for you. Speak to us today to learn more about how we can help.

The basics of buying through Shared Ownership

When you buy a property via a Shared Ownership scheme, your deposit will be calculated against the share you purchase and this can be between 10 and 75% of the full value. You will need to pay a subsidised rent to a housing association on the remaining share so it is important for both you and the lender to factor in this cost when considering the required mortgage.

 

Should you wish to purchase further shares of the property in the future, a remortgage with additional borrowing can help you achieve this. The process of buying additional shares is called ‘staircasing’ and as your ownership increases, the rent you will pay on the remaining share will reduce. Over time you may be able to purchase the full property.

Eligibility criteria for Shared Ownership

To purchase a property through shared ownership, your  household income will need to be £80,000 a year or less (£90,000 a year or less in London).

 

Also, one of the following must be true:

 

  • You’re a first-time buyer
  • You previously owned a home but cannot afford to buy one now
  • You’re forming a new household, perhaps after a relationship breakdown
  • You’re an existing shared owner, and you want to move
  • You own a home and cannot afford to move to a new home that meets your needs

If you own a home you must have completed the sale of this on or before the date you complete buying your shared ownership property.

Purchase your first or further share with a Shared Ownership mortgage

We’ll search the market to find the best fit for you. Fill out our short form and we’ll be in touch to explore your options.

I cannot praise Mike Newman enough for the superb service he provided in arranging our mortgage. I'd have absolutely no reservations about recommending his services. Thanks, Mike!

M.F & S.F Cardiff

First class service. Mike Newman is extremely good at his job, knows his products that best suit your needs, responds really quickly to your messages, great to speak to on the phone.

J.M Penzance

Mike was amazing! After being let down by my own bank, Mike sorted everything. The whole process went along without any problems at all. He was always on hand if ever I needed to ask anything and he kept in touch with me along the way! Absolute 5* service!

K.P Birmingham

A first rate, professional service. We were very impressed with Mike. He kept us fully informed at each stage of the process, answering our queries and making what some consider a complicated and stressful time absolutely painless.

P.R & S.R Fareham

Outstanding service. Mike was extremely polite, helpful and knowledgeable. Always kept in contact and replied to emails returned calls quick and efficiently. More than happy with the service.

A.P Birchington

We are so pleased that we decided to choose this company for finding a new mortgage. Communication and their patience at answering our queries was excellent. We will not hesitate to use Creative in the future.

G.R & R.R Norfolk

Absolutely excellent, from beginning to end I couldn't fault Mike and Natalie. On time, responsive, proactive and accurate. Also the respect and understanding they demonstrated was unexpected in this world today.

S.O & N.O Lyme Regis

Our mortgage help for Shared Ownership

At Creative Lending Solutions we will take time to understand how best we can help you and we look forward to assisting you at every stage of the mortgage process.


Not only can we help you find the most suitable rate for a Shared Ownership mortgage but we can also source the most appropriate lender for the loan amount you require.


We will complete the lender’s application form and forward them your supporting documentation. We will respond to the lender’s underwriter with answers to any questions they may have and to offer assurances where they may be required. Once your mortgage offer has been issued, we will remain on hand for any questions you may have and for any action that your solicitor may require from the lender.

More great reasons to get in touch

  • Friendly, professional & convenient
  • Over 20 years’ industry experience
  • We value our customers
  • Same day pre-approvals
  • Full support provided
  • Jargon-free
  • Fast communication
  • Available weekdays until 7pm
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Your home may be repossessed if you do not keep up repayments on your mortgage.