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Shared Ownership Mortgages

Shared ownership mortgage schemes are a Government incentive backed up by developers and housing associations in order to provide highly quality affordable housing for first time buyers and other key workers.

How do shared ownership mortgages work?

The shared ownership mortgage scheme works by property buyers 'sharing' the ownership of the property. On the initial purchase you will typically buy 25/50/75% of the total property value. The remaining 75/50/25% of the property is owned jointly, usually with a housing association. They charge you a 'rent' for the section you do not own.

Contact us about Shared Ownership Mortgages.

What are the benefits of a shared ownership mortgage?

The main benefit of getting a shared ownership mortgage is that you get a foothold on the housing ladder and benefit from the increase to the value of your 'share'.

Also these schemes are unique in that you can 'staircase' up your ownership of the property; meaning you have the ability to buy additional sections of the property at a later date. Therefore you can start off by buying 50% of the property initially, then in 2 years buy another 25% and finally the last 25% so you own the entire property. This saves you the cost of having to 'size up' during your working life. As you increase your ownership of the property your rent decreases to reflect the increased ownership.

How can Select Mortgage Solutions help with Shared Ownership mortgages?

Conditions vary from scheme to scheme so make sure you are happy with the terms you sign up to at the start. We can help you with this.

As shared-ownership is a niche mortgage sector not all mortgage lenders are willing to lend on these developments. As Select Mortgage Solutions is a whole of market brokerage we can find the best lender for your circumstances by sourcing from the entire market place.

Contact us about shared ownership mortgages

Your home may be repossessed if you do not keep up repayments on your mortgage.

Call us today on 0345 22 42 162 or to request a call from your local professional mortgage advisor click here.

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Typically a fee of £495 will be charged upon mortgage application but the exact amount of this fee will be dependent on your circumstances. Please contact us for full details.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Select Mortgages Solutions,
Regents Pavillion,
4 Summerhouse Road,
Northampton,
NN3 6BJ

Tel: 0845 22 42 162
Email: info@selectms.co.uk

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Select Mortgage Solutions is an appointed representative of Stonebridge Mortgage Solutions Limited which is authorised and regulated by the Financial Conduct Authority.
 
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