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The Shared Ownership scheme is perfect if you can’t quite afford the mortgage on 100% of a home. It works out by taking out a mortgage on a smaller percentage of a property, the remaining percentage is owned by the local authority or builder. The amount you will have to purchase is usually between 25-75% share of the property, however, lenders might allow you to purchase as little as 10%.
Paying a smaller percentage of a property does mean you will be expected to pay a monthly rental fee to the proprietor of the remaining shares. As well as this, you are required to pay ground and service charges because all Shared Ownership homes are classified as leasehold.
Our expert team can see if you are eligible for a Shared Ownership in Leeds. Don’t feel disheartened if you are unable to meet the criteria for a Shared Ownership, there is the Help to Buy Equity Loan scheme which could be better suited for you.
If you are looking for more information regarding the Shared Ownership scheme, we recommend checking out the video below which highlights our FAQs for Shared Ownership when providing mortgage advice in Leeds.
One of the perks when speaking with a mortgage broker in Leeds like ourselves is our team provide a service that allows you to understand what is going on throughout your mortgage journey by keeping the mortgage jargon to a minimum so you can get what the scheme is all about.
While the term “shared ownership” includes the word “shared,” it doesn’t necessarily mean sharing the property with another person or household in the sense of cohabiting with someone. Instead, it means sharing ownership of the property with the housing association.
When you choose to buy a Shared Ownership home in Leeds, you’re essentially acquiring a fraction of the property. Your initial ownership share typically falls within the range of 25% to 75%. You’ll be responsible for a mortgage on the part you own and will also pay below-market-value rent for the portion you don’t yet own.
While obtaining a Shared Ownership mortgage in Leeds with bad credit can present additional challenges, it doesn’t mean it’s impossible. Similar to standard mortgages, your eligibility for a Shared Ownership mortgage will hinge on the extent of your bad credit history and the specific criteria set by the lender.
Our mortgage advisors in Leeds will provide you with expert mortgage advice, and will also provide thorough explanations of the mortgage terms and conditions, ensuring that you secure the most suitable mortgage available to you.
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Lindsey
Very helpful and made process simple
1 week ago
Rebecca
Leedsmoneyman was extremely helpful when getting my mortgage, Matt and the team were always happy to help and answer any questions I had and made getting a mortgage as stress free as possible. I would definitely recommend!
2 weeks ago
Krystal
Fantastic service from start to finish - quick responses times and didn’t push extra products would highly recommend
3 weeks ago
Dr
Excellent service
3 weeks ago
Sophie
Very helpful. They talk through the process at every step. We had Charlie helping us with our mortgage and he was excellent.
1 month ago
Luke
We recently used Moneyman for support with a new mortgage, the team were fantastic, supportive and responsive throughout the whole process. In a very stressful time of moving house, they have made everything x10 easier. We specifically worked with...
1 month ago
Matthew
Our advisor Matt Collinson has been so helpful and a pleasure to deal with. I would definitely recommend him.
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Lauren
Wayne was great throughout. Understood our needs really well and catered to when we were free to chat. Followed up and finalized with his colleagues who were really helpful and it’s really such a friendly team. Couldn’t fault the service at all...
2 months ago
Soney
I have been in my current house for 6 years and have always relied on Leedsmoneyman to deal with my mortgage renewal, etc. We will always use Leedsmoneyman for our mortgage needs and highly recommend them to anyone thinking of applying for a...
2 months ago
Andie
Absolutely fantastic service from both Chris and Lizzi!! Always responded quickly and answered all our questions. Wouldn’t go to anyone else now.
2 months ago
Jessie
Jason and Paula were really helpful all the way through my mortgage application process. Jason answered my questions in detail and promptly. I would definitely recommend and use them again.
3 months ago
Anonymous
Super helpful - as a first time buyer I had no clue about the ins and outs of getting a mortgage but Jason made sure to help me understand the process as well as get me a great deal.
3 months ago
Anonymous
Daniel was super helpful with our remortgage and did everything he could to secure us the lowest rate possible at a time rates are going up so fast!
4 months ago
Michael
We definitely chose the right company to handle our case. They were very professional and efficient and everything went through smoothly. We were delighted with the ongoing service we received up to completion and the icing on the cake is they will...
4 months ago
James
Excellent service from all involved once again. Everything was explained fully at all stages and the whole process was smooth sailing.
4 months ago
Anonymous
Would highly recommend Leedsmoneyman. The service was really great, everyone we spoke with was very responsive and helpful with any questions or queries. It really made the whole process a lot easier and less scary for us as first time buyers.
5 months ago
Anonymous
Really helpful for me and my partner being first time buyers, explained all the ins and outs and helped us get a great deal.
5 months ago
Melanie
Cannot recommend Daniel enough. He was efficient and professional while dealing with my change of mortgage.
7 months ago
Lisa
Very professional & friendly service, I had a very complex case & really didn't think I'd be able to secure a mortgage. Dinah went through every step in a way I could understand & was there anytime I needed to ask anything. I will definitely be...
7 months ago
Connor
Dan was a fantastic help, and gave some grand advice. Very glad I had the chance to contact him!
8 months ago
During your free appointment with a mortgage advisor in Leeds, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Leeds, as well as assess your mortgage affordability.
Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you.
Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.
Our service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.
With our years being in mortgage market providing us with vast knowledge, our Mortgage Advisors in Leeds have a reputation of successfully helping home buyers and homeowners in Leeds get onto the property ladder.
This ethos also applies to those who are looking to get a mortgage with a Shared Ownership in Leeds. Within your free mortgage appointment, one of our members of our team will explain inform you about the scheme and see if your eligible for the scheme.
We are proud of the high quality, tailored service that we provide to all new and existing customers at Leedsmoneyman. Our genuine customer reviews reflect the high standard of our service.
Customer satisfaction is our overall goal and is something we are proud to provide. Our team also provides a service that is flexible to the customer. This is reflected through our appointment availability through offering appointments from early until late at night.
Our booking service allows you to book a free appointment at a time that works around your lifestyle, subject to availability. Our Mortgage Advisors in Leeds work 7 days a week until late so they can be there when you need them.
Here at Leedsmoneyman, we have connections with a large panel of high street and specialist lenders. With these lenders providing a range of products, we can find you the most appropriate deal for your situation.
As a Mortgage Broker in Leeds, our 20 plus years in the mortgage industry has provided us with extensive experience of a range of mortgage situations. Therefore, you may find your situation is one we have encountered numerous times and can use our knowledge to help you with it. Get in touch and our team will see how they can help.
We have found that numerous customers believe that you are not required to put down a deposit for a Shared Ownership in Leeds. This is incorrect, you will need to put down a deposit for a Shared Ownership. Furthermore, you will find that the majority of mortgage types will ask you to contribute some form of a deposit.
The Shared Ownership scheme involves you taking out a mortgage that shows that you own a percentage of the property. The percentage you own is reflected in the amount of deposit you put down. For instance, if your property was valued at £300,000 and you wanted to buy 50% of the share, you will be expected to put down a deposit of £150,000.
Likewise, if you put down a small deposit like 5%, your £150,000 would be on a 95% loan-to-value.
Remember, the more you put down in deposit, the more deals that will be on offer to you and lower your potential mortgage payments.
If you were to do this, the practice would be called staircasing as you are raising the share you own at any time.
For example, if you are only in ownership of 25% of the property in the first before, you are able to purchase a further 25% should it be affordable in the future.
When doing this, you will find that you will be making lower amounts on your rental costs because you are increasing your share, however your mortgage payments will keep consistent.
Keep in mind that when you are taking out a Shared Ownership in Leeds, you will be paying off not just a mortgage, but also rental fees at the same time. Along with this, you will be paying background rent and service charges due to Shared Ownership homes being leasehold.
We also find taking out a property survey can be beneficial too. Property surveys allow you to know any issues with the property in advance. There is a range of types of property surveys out there, however, one of our expert Mortgage Advisors in Leeds will recommend the most suitable survey for you.
There are particular properties owned by housing associations or builders out there in Leeds that the Shared Ownership scheme can be used on. You may find some properties were built in Leeds with the scheme in mind.
If you are wanting more information about the Shared Ownership scheme, one of our knowledgeable Mortgage Advisor in Leeds will be able to provide an in depth explanation about the scheme. You can book your free mortgage appointment today online or by getting in touch to kickstart your Shared Ownership in Leeds.
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Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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