Shared Ownership Mortgages
Shared Ownership Mortgages: Shared Ownership homes are a fantastic way for First Time Buyers to get onto the housing ladder. Shared Ownership is an affordable home purchase scheme often run by Housing Associations to allow first time buyers to purchase a ‘share’ of the property, rather than the entire property.
The ‘share’ you do not purchase is still owned by the housing association. However, buyers have full use of the entire home despite only buying a ‘share’. Shared Ownership buyers still benefit the same as standard home buyers from any growth in the house prices and they can live in the home forever, or sell after a few years and trade up.
Not all Banks and Building Societies support Shared Ownership mortgages. Thankfully we have accessed to the widest selection of lenders to find the right deal for your circumstances.
Do I qualify for Shared Ownership?
To qualify for a shared ownership home you must:
- Income must be less than £80,000. (£90,000 in London).
- Must be a first time buyer, OR
- Previously owned a home but cannot afford to buy one now, or
- You are forming a new household (for example after a divorce), or
- You are an existing shared ownership owner, and want to move home
How do I search for Shared Ownership homes?
On RightMove you can search for Shared Ownership homes. Simply enter the location and then click ‘filters’. On the left hand side under ‘Must Haves’ select ‘Buying Schemes’. This will then only show Shared Ownership homes in the search results. Some other homes will also show, for example homes are for over aged 55’s so double check the search results.
Our Services
Our team of friendly experts will explain the process of applying for a mortgage and guide you along the journey. We can explain the entire process and provide FCA regulated advice and recommendation on the best financial solutions for your circumstances, based on your preferences.
- A dedicated Mortgage Adviser
- Direct access via phone, email and messenger at every stage
- Secure client portal to upload documents and share information
- Mortgage Decision in Principle / Agreement in Principle (DIP / AIP) certificate
- Whole of market mortgage advice and recommendation
- Insurance & Protection to shelter you from unexpected events
- Clear communication and regular updates
Read our Free Information guide for Shared Ownership Mortgages.
We have published a Free Information Guide for First Time Buyers. It is a short 5 minute read and can be accessed: here
About us
First Select Mortgage Brokers are friendly and professional mortgage brokers. We can access mortgages from the whole of the UK mortgage market, meaning we can get the best possible deal for our clients circumstances. Based in Manchester, we are a family business with decades of experience in financial services. Our goal is to be the most trusted regional mortgage advisory business in the northwest of England.
Our team of experts are ready and waiting to help. Contact the team below:
Phone: 0161 393 1575 or 07780 446 937
Email: hello@firstselectfs.co.uk
Visit our Contact Us page to make a formal enquiry
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References & Disclosure:
GOV UK link to Shared Ownership guidelines
https://www.gov.uk/shared-ownership-scheme/who-can-apply
Do you qualify for Shared Ownership? GOV link to eligbility link:
https://www.shared-ownership-scheme.service.gov.uk/check-eligibility-to-buy-a-shared-ownership-home
Where can you find Shared Ownership Homes? GOV link below: