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Are you looking to get onto the property ladder but don’t have the funds to buy a home outright? Our Shared Ownership Mortgages service could be the perfect solution for you. We compare a range of providers to help you find the best deal for your circumstances. With our service, you can purchase a share of a property and pay rent on the remaining share. So why not take the first step towards owning your own home and compare our Shared Ownership Mortgages today?
Shared Ownership Mortgages typically involve a number of fees and charges, including: – An arrangement fee, which covers the lender’s costs for setting up the mortgage. – A valuation fee, which covers the cost of the lender’s surveyor to assess the property. – A legal fee, which covers the cost of the solicitor to carry out the legal work. – A mortgage broker fee, which covers the cost of the broker’s services. – An administration fee, which covers the lender’s costs for processing the mortgage. – A stamp duty fee, which is a tax payable on the purchase of a property. – An exit fee, which is payable when the mortgage is repaid. – An early repayment fee, which is payable if the mortgage is repaid early.
The eligibility criteria for Shared Ownership Mortgages vary depending on the lender, but generally you must: – Be a first-time buyer or existing shared owner – Have a household income of less than £80,000 – Have a deposit of at least 5% of the share you want to buy – Be able to afford the mortgage payments – Be a UK resident – Be able to prove you can afford the costs of buying and owning a home – Be able to prove you can afford the costs of any repairs or improvements – Be able to prove you can afford the costs of any service charges – Be able to prove you can afford the costs of any ground rent or insurance – Be able to prove you can afford the costs of any other associated costs.
Advantages of Shared Ownership Mortgages:1. Lower deposit requirement: Shared Ownership Mortgages typically require a lower deposit than other mortgage options, making them more accessible to those with limited savings.2. Flexible repayment options: Shared Ownership Mortgages offer flexible repayment options, allowing you to pay off the mortgage at your own pace.3. Lower monthly payments: Shared Ownership Mortgages typically have lower monthly payments than other mortgage options, making them more affordable.Disadvantages of Shared Ownership Mortgages:1. Limited equity: Shared Ownership Mortgages limit the amount of equity you can build up in your home, as you are only able to own a portion of the property.2. Limited choice: Shared Ownership Mortgages are only available from certain lenders, so you may not have as much choice as with other mortgage options.3. Higher interest rates: Shared Ownership Mortgages typically have higher interest rates than other mortgage options, so you may end up paying more in the long run.
How Can We Help You With Shared Ownership Mortgages Today?
Shared Ownership Mortgages are a great way to get onto the property ladder if you can’t afford to buy a home outright. Our service makes it easy to find the right product for you, whether you’re looking for a shared ownership mortgage for a new build or an existing property.
We have plenty of guides to help you understand the process, including information on eligibility, how to apply, the different types of shared ownership mortgages available, and the costs involved. We can also help you understand the different options for increasing your share of the property, such as staircasing and equity loans.
Our guides also cover wider topics such as the impact of credit scores on your mortgage application, the importance of budgeting, and the pros and cons of shared ownership mortgages. We can help you find the right lender for your circumstances, and provide advice on how to make sure you get the best deal.
Shared Ownership Mortgages FAQs
Frequently Asked Questions - Shared Ownership Mortgages
What is a Shared Ownership Mortgage?
A Shared Ownership Mortgage is a type of mortgage that allows you to buy a share of a property and pay rent on the remaining share. It is a great way to get onto the property ladder if you can’t afford to buy a property outright. You can buy between 25% and 75% of the property, and you will need to pay a deposit of at least 5% of the share you are buying. The rent you pay on the remaining share is usually set at a discounted rate.
What are the benefits of a Shared Ownership Mortgage?
The main benefit of a Shared Ownership Mortgage is that it allows you to purchase a property with a smaller deposit than would be required for a traditional mortgage. This can make it easier for first-time buyers to get onto the property ladder, as they may not have the funds available to make a large deposit. Additionally, Shared Ownership Mortgages can also be used to purchase a property with a larger deposit than would be required for a traditional mortgage, allowing you to purchase a more expensive property than you would otherwise be able to afford.
What are the eligibility criteria for a Shared Ownership Mortgage?
The eligibility criteria for a Shared Ownership Mortgage vary depending on the lender, but generally include:
• Being a first-time buyer or existing homeowner
• Being a UK resident
• Having a good credit history
• Having a minimum income
• Meeting the lender’s affordability criteria
• Meeting the lender’s deposit requirements
• Meeting the lender’s age requirements
• Meeting the lender’s residency requirements.
What are the different types of Shared Ownership Mortgages available?
The different types of Shared Ownership Mortgages available are:
1. Fixed Rate Mortgages
2. Variable Rate Mortgages
3. Interest-Only Mortgages
4. Buy-to-Let Mortgages
5. Offset Mortgages
6. Flexible Mortgages
7. Lifetime Mortgages
8. Equity Release Mortgages
What are the costs associated with a Shared Ownership Mortgage?
The costs associated with a Shared Ownership Mortgage will depend on the lender and the specific terms of the mortgage. Generally, you will need to pay a deposit, an arrangement fee, and a valuation fee. You will also need to pay a monthly mortgage payment, which will include interest and capital repayment. You may also need to pay additional fees such as legal fees and stamp duty.
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