SHARED OWNERSHIP MORTGAGES
Shared ownership is a scheme where you part rent, part buy a property. The deposit needed is based on the share of the property to be purchased, as opposed to its full market value. Clients choose shared ownership for a number of reasons, often when the buyer does not have the deposit needed to buy a property at its full market value.
You can purchase a share between 25% and 75% of the full market value. This can be available for new homes as well existing homes through resale schemes offered through housing associations.
A monthly rent is payable to the Housing Association on the remaining share.
Hope Mortgage Solutions secure products where as little 5% deposit is required on the share of the property.
While shared ownership can be a fantastic option for those who cannot afford to purchase at full market value, lenders will treat the rent paid on the remaining share of the property as a financial commitment, which can impact affordability.
With lenders having varying criteria surrounding shared ownership products it is crucial to get expert advice before making any financial commitment towards a shared ownership property.
For more information on the shared ownership scheme, click here
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