Popular Scenarios for Shared Ownership in Leeds
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. Here are some FAQs we hear in the circumstance of a Shared Ownership in Leeds.
Do I need a deposit?
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.
Can I increase my share of the property?
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.
Are there any other fees that come with Shared Ownership in Leeds?
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.
Can you take out a Shared Ownership mortgage on any property?
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.
Why Choose us for Shared Ownership Mortgage Advice in Leeds?
Mortgage Experts – Shared Ownership in Leeds
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.
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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.
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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.