Having the option to purchase 100% of your property may not be possible for some people. There may be obstacles in the way such as income or it could be down to the geographical area in which you want to live. You may be quite simply priced out of the area.

It may be possible for you to look at alternative methods of home ownership such as shared ownership. The shared ownership schemes are generally offered for sale via your local housing association. The scheme in it’s most simple of term, is you purchase part of the property but rent the remaining part from the housing association. Usually you purchase in 25% increments, so potentially you would look to purchase 25% of the property value and rent the remaining 75% from the housing association.

Shared Ownership Mortgages

If you need a mortgage to purchase your share, you will need to obtain a specialist shared ownership mortgage. Not all banks and building societies offer this type of mortgage. Here at Independent Mortgage Brokers we are able to guide and advise you on which shared ownership mortgage best suits your individual needs and circumstances.

To qualify for a shared ownership mortgage, it goes without saying that all the usual mortgage requirements are required from the mortgage lender. In addition, you do need to have a household income of less than £80,000. Please contact us on 0333 210 0082 to see if you could qualify for a shared ownership mortgage.

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments

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