Shared Ownership Mortgages with The Mortgage Geezer
Independent shared ownership mortgage brokers to get you on the property ladder
- Free quotes
- Personal service
- Simple advice
The easiest route to a shared ownership home
If you’re finding it hard to buy a property outright you might be thinking about buying a shared ownership home. If you are, and you’re looking for a mortgage, then The Mortgage Geezer could be the place to start your search. We understand the challenges of finding a mortgage for a shared equity property and we can help you find the best deal for you.
I work with my team to find you great shared ownership mortgage rates. We can do this because we have long-standing relationships with shared ownership mortgage lenders, so we know what banks and building societies are looking for. We also know that most people who are thinking about buying a shared ownership property have never owned their own home before, so it’s especially important that the process is explained simply and clearly. That’s what we do.
We take away the mystery of buying a new home and we also take away the hard work. You don’t need to spend time baffled by shared ownership mortgage calculators because we will compare shared ownership mortgages for you. My team and I also check all your documents are in order and that everything is going smoothly. Take the problems out of looking for a shared ownership mortgage with The Mortgage Geezer.
What Our Clients Say
Why Choose The Mortgage Geezer?
What’s a shared ownership home?
For many people buying a home can seem out of reach. Shared ownership properties can offer an affordable option. As the name suggests, with a shared ownership home the buyer purchases a percentage of the property. The remaining share is owned by a landlord, usually a local authority, housing association or private housing property.
Buying just a share of a property obviously costs less than buying 100% of a property. Although you should remember that you will have to pay rent on the share owned by your landlord.
Can anyone buy a shared ownership property?
There is a set of criteria for all shared ownership properties. These state that to be eligible:
- Your household income is less than £80,000 a year (Less than £90,000 a year in London)
- You can’t otherwise afford the deposit and mortgage payments for the home you need
In addition, one of the following should apply:
- You’re a first-time buyer
- You have owned a home previously but can’t now afford to buy
- You are forming a new household, for example after a breakup
- You’re already in a shared ownership property and want to move
- You want to move but can’t afford the home you need
Some shared ownership schemes also give priority to defined groups such as Armed Forces personnel or key workers.
Need advice? Call 01234 923603 to speak to The Mortgage Geezer
Lines Open: Mon-Thu: 9am – 5pm, Fri: 8am – 1pm.
What’s different about a mortgage for shared ownership?
The most notable difference between standard mortgages and mortgages for shared ownership homes is that with the latter your mortgage loan will generally be much smaller. In theory this should make it easier to get a shared ownership mortgage than a standard mortgage. However they may be other factors that can make it harder to get a mortgage loan for a shared ownership home.
Is it difficult to get a shared ownership mortgage deal?
One barrier to getting a shared ownership mortgage deal is that not all lenders offer them and so when it comes to making shared ownership mortgage comparisons there may just be fewer to compare. Luckily, the shared ownership mortgage advisors here at The Mortgage Geezer know just who to talk to when it comes to finding the best shared ownership mortgages.
As well as there being fewer mortgages about, there are also some other things to take into consideration.
When anyone applies for a mortgage, lenders want to be sure that the applicant can afford to repay the money they borrow. One of the ways to assess this is to look at how much your income and outgoings are. When this affordability check is carried out for shared ownership mortgages it will need to take into account the rent payable on the other percentage of the property. For this reason applicants should consider both the property share mortgage amount and the rent when looking at homes to buy.
How do shared ownership mortgages work?
A mortgage is taken out on only part of the property value, based on the share being purchased, rather than the whole value of the property. Any deposit is also based on that share of the property. For example, if you are buying a 50% share of a property whose total value is £200 000, your mortgage loan and deposit will be based upon a value of £100 000 – half the value.
In addition to a mortgage agreement, buyers will also have an agreement with a landlord. This will specify not only rent, but also any maintenance or service charges that are payable. The potential complexities of these arrangements are another reason buyers should use a mortgage broker for shared ownership.
Need advice? Call 01234 923603 to speak to The Mortgage Geezer
Lines Open: Mon-Thu: 9am – 5pm, Fri: 8am – 1pm.
Why use The Mortgage Geezer?
You’ve probably got better things to do than spend your time searching through mortgage rates for shared ownership and making mortgage comparisons for shared ownership. If you’re eligible to buy a property with shared equity then you just want to be able to get on with it. That’s where we at The Mortgage Geezer come into our own.
Our no-nonsense approach is ideal for every homebuyer, particularly if you’re new to the whole process. Let us take you through the stages of getting a shared ownership mortgage. We’ll make buying your home a breeze.
THINK CAREFULLY ABOUT SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS