Incredible Shared Ownership Mortgage Comparison References. An experienced mortgage broker will be able to advise you on which lenders are best suited to your needs. A shared ownership mortgage is designed to help borrowers who want to buy into a shared ownership property.
Shared ownership homes are aimed at first time buyers, downsizers or those who used to own a home, but are unable to buy one at the moment. Cost of service charges and ground rent; They often ask us to assist in arranging a mortgage up to 95% of the shared ownership purchase price (even for new build flats) or alternatively to purchase a bigger share of the property than they already own.
The Balance Of The Purchase Price Is Provided By An Equity Sharing Lender.
Contents
- 1 The Balance Of The Purchase Price Is Provided By An Equity Sharing Lender.
- 2 This In Itself Allows First Time Buyers To Have A Chance Of Home Ownership With A Relatively Small Deposit.
- 3 Documents Required For Mortgage Application;
- 4 With Shared Ownership, You Own Part Of The Home, And A Housing Association Owns The Other Part.
- 5 Size And Value Of Your Share;
To give an example, if you had a property with a value of £220,000, with a mortgage interest rate of 3.54% with a 40% share over 25 years and you could manage a 10% deposit (£8,800) your monthly mortgage payment would be £398.19 and. Not all lenders offer shared ownership mortgages, but many do, including kent reliance, nationwide, barclays, leeds building society and halifax. Click ‘how to apply’ on any product you are interested for info on how to proceed.
This In Itself Allows First Time Buyers To Have A Chance Of Home Ownership With A Relatively Small Deposit.
You have a combined income of less than £80,000 if you live outside of london, and less than £90,000 if you live inside london. With a shared equity scheme, you pay a percentage of the full open market purchase price but acquire ownership of 100% of the property. Shared ownership vs help to buy shared equity
Documents Required For Mortgage Application;
There are a variety of shared ownership schemes in london, but the earning thresholds are slightly different. Advertise your property with share to buy; You can choose from applying online ** or over the phone, and can even use our mortgage calculator and get an approval in principle.
Shared ownership shares range from 25% to 75%, although this can vary between housing associations. Find out how much you can borrow with a shared ownership mortgages calculator and compare shared ownership mortgages using this comparison table. Value of your mortgage payments;
Cost of service charges and ground rent; Nationwide shared ownership 75 % loan to value It takes about 8 minutes, and don't worry, it won't affect your credit score.