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It's Free to Speak to an Advisor, 7 days, 8am - 10pm
Shared Ownership was introduced as a way to provide support to applicants who struggles to afford a full mortgage. The scheme involves an applicant purchasing a percentage of a mortgage, usually between 25%-75% of a property. In some cases, this can be as low as 10%. Due to only paying a percentage, you will expect to pay rent to the Housing Association/Builder who are the owners of the remaining percentage of the property.
You will need to see if you are eligible for the scheme prior to accessing it. In the case where you don’t meet the criteria of the scheme, it might be best that you look into a different route.
How the shared ownership works are, your mortgage will be taken out on the percentage of the property you own. As such, your deposit will directly reflect this. For example, if your property was valued at £300,000 and you wanted to buy a 50% shared, you need to put down a deposit for the £150,000 you would be paying for. If you put down only 5% deposit, your £150,000 would be on a 95% loan-to-value. If you can afford to put down more, you’ll have access to a wider range of mortgage deals and also lower your potential mortgage payments.
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 Nottingham, 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 Nottingham with bad credit can present additional challenges, it is not an insurmountable task. 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.
When seeking a Shared Ownership mortgage in Nottingham, the expertise of mortgage advisors in Nottingham can prove invaluable. They are here to guide you through the entire process, helping you identify the most suitable deals and tailoring options to align with your specific requirements. Our mortgage advisors in Nottingham will provide you with expert mortgage advice in Nottingham, 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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4.95 Rating298 Reviews
Charlie
Jason has been fantastic throughout, always available, clear with his communications and made the process completely pain free for me!!
2 weeks ago
Lloyd
Excellent service very open and honest like making new friends.
4 weeks ago
Bria
Fantastic customer service from start to finish. Called Nottinghammoneyman around 9pm one evening, and I was surprised at how quickly they returned my call. Matt was excellent throughout, arranged all contact at a time that suited us, which were...
1 month ago
Marie
Absolutely amazing from start to finish. So helpful, every step of the way we was informed of what was happening. Cannot thank them enough.
2 months ago
Anonymous
Very pleased with the service. Chris and the Team have helped me through the mortgage process, making it as easy as possible. They have also managed to find an excellent mortgage deal.
2 months ago
Clare
Nottingham moneyman helped me with my first mortgage 5 years ago and I had a great experience then and now my mortgage is up I have had another great experience with sorting out what to do next. Couldn't recommend the company enough
2 months ago
Kunal
Professional, polite & thorough. I’m genuinely glad I found these guys. Thank you so much.
3 months ago
Rosita
Excellent service the help and support provided throughout the process was second to none. I would highly recommend this company for any of the services they provide. Dan Osman in particular was so supportive and invested in my family he was such...
3 months ago
Leslie
Excellent service from Tom for our second mortgage, supported us through the process with very quick turnaround. Cannot recommend Nottinghammoneyman highly enough!
3 months ago
Craig
Quick at responding and delivered on everything they promised.
3 months ago
Lisa
The Nottingham Money Man group have been fantastic in helping me to navigate the complicated waters of house buying and obtaining a mortgage and the relevant other insurances etc you need with this. They have taken their time to explain things...
4 months ago
Wayne
Well what can i say We dealt with Leo Shakespeare and Jo Parnell throughout all stages of Our Mortgage Application, they both discussed and went through every detail throughly and helped us immensely i couldn't of wished for anyone better to of...
4 months ago
Daniel
I couldn’t find a mortgage in principle anywhere that suited me because of Low credit scores and applying for mortgage alone, I honestly thought I was never going to able to buy a house but jason managed to work some magic and find me something...
4 months ago
Sindi
Very happy with the service, super friendly staff and extremely helpful.
5 months ago
Christopher
Charlie has been the ideal advisor in the months we've worked together. Knowledgeable, honest, personable and consistently happy to help. He and his team have made my experience as a first-time buyer a LOT less confusing!
6 months ago
Anna
Would and will be recommending this company. They (Conner) provided an extremely professional and efficient service in switching over our mortgage to a better interest rate. Always very contactable which quite frankly is something in this day and...
6 months ago
Alexander
Great service. Best value. We spoke to 3 brokers. Money man had the best deals so went with them. Service was fantastic. The mortgage we wanted was being pulled on the day so Paula went out of her way to ensure they had everything to send our...
6 months ago
Jan
first time I’ve used U.K. money man and I would like to say big thank you to Chris and Stacey who were helping us with our mortgage and made whole process smooth and easy for us from beginning to the end.Thank you 🙏
6 months ago
Jonathan
Very helpful and informative. Kept us in the loop and followed up with emails. Thank you!
7 months ago
Baljinder
Conor was excellent and efficient through the process and always helpful. Would highly recommend Moneyman.
7 months ago
During your free appointment with a mortgage advisor in Nottingham, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Nottingham, 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.
Our team has helped a lot of applicants with their Shared Ownership in Nottingham. Your free appointment will involve an advisor explaining to you the ins and outs of the scheme and will look at if you are eligible or not. Your Shared Ownership Mortgage Advisor will be by your side throughout the mortgage process and will be available to answer any questions that you may have.
Our excellent service is reflected in our customer reviews! Check out our previous customer feedback and our reviews to see what others thought about Nottinghammoneyman. Customer service is the main ethos of Nottinghammoneyman, we always ensure that customers leave having received the best service from our team. Our flexible operating hours can allow our customers to book a free mortgage appointment in the evening or weekends.
Our book online system means you can book your mortgage appointment at a date and time that is best for you with availability being Monday-Sunday, from early in the morning until late at night. You can do this by following our ‘Get Started’ process.
Our team has connections with a range of lenders. Through this we are able to have access to high street and specialist lenders who offer all kinds of mortgage products giving us the chance to look into a range of options for you. As a knowledgeable mortgage broker in Nottingham come with years of experience in the mortgage industry. They have dealt with a range of mortgage circumstances so please don’t hesitate to contact us if you feel your situation is complex. There is chance our team have encountered it before!
We find many customers are lead to believe that you are not expected to provide a deposit for a Shared Ownership mortgage, however, this is false. The majority and mortgage types and situations require you to put down a deposit. A Shared Ownership mortgage requires you to take out a percentage of the property, so you will have to put down a deposit based on this amount. For example, an applicant takes out a 50% mortgage share on a property valued at £300,00, they will need to put down a deposit of £150,000. Whereas, an applicant who is putting down a 5% deposit will put down £7,500 instead of £15,000 if the applicant takes out a 95% mortgage on the property.
When taking out a Shared Ownership, you need to regard mortgage costs and your rent costs. The costs will be planned out as a regular monthly cost, like other mortgage payments. As well as this, you will be required to pay setup/arrangement fees which will be charged as a one-time payment. Getting a property survey carried out can be beneficial too. This means you are well informed with any issues in the property that could be detrimental on the overall property value.
No, as there is a select number of properties that are only available with the Shared Ownership mortgage. These types of properties are owned by housing association or builders and in some cases are properties built with the scheme in mind. Your dedicated Mortgage Advisor in Nottingham can explain this in further detail. Take advantage of our free initial mortgage appointment to begin your Shared Ownership journey today.
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Nottinghammoneyman.com & Nottinghammoneyman 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, Nottingham, 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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Nottinghammoneyman.com & Nottinghammoneyman 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, Nottingham, 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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