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Shared Ownership Mortgages in the United Kingdom
United Kingdom owns a large proportion of the mortgage markets in the UK. It owns mortgages of about 11.1 million which are worth around ÂŁ1.3 trillion. Ownership of homes is more popular in the United Kingdom than in other countries across Europe although this has gone down in recent years among younger people. Different kinds of mortgages are available in the UK through banks and building societies. Majority of them run for about 25 years, and there are still others who run below or above 25 years.
People have been uncertainconcerning the UK housing market since the European Union referendum which occurred in 2016. It is certain that Brexit has significant implications for the UK housing market.The price of house did not increase in the United Kingdom after the referendum in everywhere except Scotland and the average prices of houses  across the United Kingdom has remained reasonably high and is around £228,000 currently.
Getting Shared ownership mortgage in UK has advantages and disadvantages the individual has to weigh before making the decision which depends on circumstances and personal preferences. Renting can give less stability and greater flexibility although it can be high, especially in the bigger cities.
Presently, there are no legal restrictions on adults and foreigners who plan to get a mortgage in the UK and foreigners, including residents and non-residents, can take out mortgages in the UK although the terms and conditions will vary depending on individual lender and the bank or building society concerned as different individual lenders, banks and building societies have their own requirements which must be met.
Foreigners who are either residents or non-residents can legally obtain a mortgage and purchase property in the UK but for people who are non-EU/EFTA nationals and non-resident, the process for mortgages can require additional processes but altogether, been a UK resident for at least two years with a permanent job in the UK and Having a UK bank account makes It easier.
These requirements are meant to ensure that the applicant has built up a good credit history in the UK and non-residents as well as residentswho do notmeet these requirements can take out a non-status mortgage, which is also known as a self-certification mortgage where they have to pay a deposit of at least 25% before being granted a mortgage..
In general the following factors that are taken into consideration:
Credit score: This is of utmost importance and the individual’s credit history will be checked to determine whether or not they are eligible for a mortgage. This is a general requirement for loans and other forms of credit in the UK. Lenders are skeptical about offering mortgage to individuals withbad credit or a low credit score. People are often advised to spend a few months trying to boost their score by ensuring they are listed in the electoral register and paying off any outstanding debts.
Income and job security:People with stable sources of income and job security are often granted loans easily as lenders need to be confident that they will make the mortgage payments. This turns out to be a disadvantage to individuals who are freelance workers or self-employed. They are often required to provide proof of earnings as well as bank statementsand the amount they can borrow depends on the amount the mortgage lender feels they can pay back.
Age:It is more difficulty for older people to be given loans in the UK as compared to the younger ones and this is because home loans that are paid off over a long period. Although banks and building societies do not out rightlyrefuse older applicants, they usually request for bigger initial deposit and also limit the amount of time given to them to repay the mortgage.
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