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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.
– You must be over the age of 18.
– Your household annual income cannot be any higher than £80,000.
– You should not have the capacity to afford a home on the open property market.
– You cannot be in a mortgage or rental debt.
– You must provide evidence of having a good credit history (this can be done by passing credit checks and affordability assessments).
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.
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.
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.
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.
4.98 Rating213 Reviews
Melanie
Cannot recommend Daniel enough. He was efficient and professional while dealing with my change of mortgage.
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...
Connor
Dan was a fantastic help, and gave some grand advice. Very glad I had the chance to contact him!
Michael
Charlie had excellent and prompt communication and was supportive especially when a problem came up (not UK Moneyman's fault). Would definitely recommend.
Anonymous
Great service. Very efficient and friendly.
Samantha
They have been incredibly helpful every step of the way and there has always been someone available to speak to us, both during the week and at weekends. I highly recommend them and cannot fault them at all.
Saffron
UK Money Man have been incredible throughout the entire process. We worked with Matt & Lyndsey who have been faultless. We are first time buyers so are very new to the process but they made it stress-free from beginning to end. I would 100%...
Sashiddharan
My advisor is very prompt in replying to messages and will reply as soon as he is available. He discussed the mortgage with me and provide decision, on how to proceed. In my last application he was working late night to submit the applicaiton. I...
Stephen
How can I say anything other than brilliant my best choice.
Anonymous
Excellent advice
Tara
My partner and I used UK Moneyman in order to secure our mortgage. Both Ryan Coulson and Meghan Robinson were extremely knowledgeable and provided exemplary advice/guidance throughout the application process. They always provided swift responses to...
Victoria
The service was absolutely wonderful, everyone I spoke to was lovely and very helpful. I was kept up to date throughout the process. Would recommend.
Philippa
Malcolm and his team were brilliant when helping us secure a mortgage. As first time buyers, we did not know much about the process, but Malcolm and his team put us at ease, answered all of our questions and supported us every step of the way....
Anonymous
Dinah Harros and Meghan Robinson were very helpful to find a competitive mortgage deal. They were able to provide good advice regarding the market and ensured we kept informed of the progress. When there was issues they were able to react quickly...
angeline
Very professional and always go the extra mile. Thank you Chris and Anna.
Anonymous
It was a great service and we're really happy with the offer they helped us secure. Daniel was very helpful and Louise sorted everything very quickly for us. This is the second time we've used Leedsmoneyman for mortgages and we've recommended them...
Lucy
Ryan and Meghan couldn’t have been more helpful they made the process clear and stress free from start to finish.
Emma
Our entire experience with Leeds Moneyman has been fantastic, as first-time buyers this was all new to us and Dinah and Louise were such a great help along the way explaining the process in detail. They went above and beyond to secure us a mortgage...
Victoria
First Class Service, Both Louise and Charlie were always available to assist us in our remortgage. The are both very professional and dealt with any queries we had. We would have no hesitation in recomending them. Thank you.
Charmaine
Overall an excellent service and an experienced team. They covered all the basics and answered all our questions in a friendly way for first-time buyers. We really can't thank Wayne and Meghan enough.
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