Shared Ownership Mortgages
If outright purchase isn’t an option there are still far better alternatives to renting. Shared ownership allows you to buy an initial share of a property at a rate you can afford. This means that you can get into home ownership in manageable stages. In the future you can simply sell your share for its value at the time. Alternatively you can buy further shares in your home, until you own the property outright. Initial shares can vary between 25% – 75% of the current value of the property.
This type of mortgage is a niche area of the mortgage market, and at Expert Financial we are specialists in shared ownership. We are currently a recommended Mortgage Broker for Domovo (BPHA) and Accent. We can help you understand better understand the purchase of a shared ownership mortgage and find the best shared ownership option for you.
Shared Equity is similar to Shared Ownership in that you are able to purchase a property for a lower amount. However, with shared equity you actually purchase the whole property and the developer or housing associate retain an “equity stake”. For example you may pay £120,000 for a property worth £160,000 and the developer keep a 25% stake. You will then repay the 25% based on the market value when you sell. You can also choose to buy out the equity share at any time based on the market value at that point.
Shared Equity Mortgages are also limited to just a few lenders. Expert Financial has been successfully arranging shared equity and shared ownership mortgages for many years and pride ourselves on being up to date with all the latest affordable housing products and mortgage lender criteria. Call us today to explore your options when it comes to shared equity and shared ownership mortgages and let us find the best mortgage and rate for you.
Purchasing with Shared Ownership?
Expert Financial’s automated Shared Ownership Affordability Calculator allows you to check the maximum potential share of a property you would be eligible to buy without needing to speak to us first.
Latest news
The 5 Questions You Have To Ask Your Equity Release Broker And Why They Are Important
The 5 Questions Every Equity Release Broker Should Cover With You. When it comes to equity release, there are a lot of things to think about. This is a complex process, and you must ask the right questions before making a decision. In this article, we will outline the 5 most important questions that you […]
read more 
Remortgaging your home: What you need to know and what to look out for
Many homeowners sometimes decide to remortgage their home at some point during their mortgage. This is typically done to get a better deal than the one you are currently in. Remortgaging your home can help you save money in the long run. You may also choose to remortgage to release equity and free up cash. […]
read more
Stamp Duty Holiday sparked a sharp increase in home viewings after lockdown
In the past few months the housing market has seen home viewings rise substantially following the stamp duty holiday announced by the Government back in July, according to data from property group Andrews. Viewings were up 29% compared to the prior months after lockdown restrictions eased, with viewings up 45% as buyers took advantage of […]
read more
Homeowner arrears continue to fall yearly, whilst Buy-to-let arrears rise marginally
According to data released from the trade body, there were 73,580 homeowner mortgages in arrears in the second quarter of 2020, down by 3% on the same quarter last year. However, when compared to last year, there was a small increase in levels among buy-to-let landlords. It was reported by UK Finance that there were […]
read more
