How does it work?

So, you have found a new house that is a shared ownership where you can buy and pay rent to get you on the property ladder for securing your first home. You are unsure on what type of mortgage you need and how this will work.

Shared ownership mortgages are part of a government scheme which aims to assist lower income households and first-time buyers purchase a property. You can take out a mortgage for the share you own (usually between 25% and 75%), while paying rent on the other proportion.

A shared ownership mortgage will allow you to own a certain proportion of a property. Typically, a 5% deposit is needed, rather than 10 – 20% required for most other mortgages. Rent is then paid on the remaining proportion.

You want to talk through what options are available and how you can obtain the most suitable mortgage or mortgages for you, with someone who can advise you on this.

To help guide you through we will

• Check how much you can afford to borrow whilst still being able to pay the rent on the share you don’t own
• Help you decide what product is most suitable for you
• Arrange an agreement in principle with a lender, whether that’s your current lender or a better deal elsewhere, so you can put in an offer on your next home
• Talk you through each option and advise you on what mortgage is most suitable to achieve purchasing you r home
• Finally obtain a mortgage offer so funds can be released to your solicitor (Don’t worry we can help you find one if you haven’t started searching yet) so the purchase of your home can go ahead