It's Free to Speak to an Advisor, 7 days, 8am - 10pm

Shared Ownership in Nottingham

It's free to speak with a mortgage advisor
7 days a week, 8am - 10pm

0115 860 2193 Speak to an Advisor - It's Free!
Reviews IO Logo

Read our 317 Reviews

Reviews Logo

Shared Ownership in Nottingham

Discuss your Shared Ownership mortgage options with a mortgage advisor in Nottingham.

Discuss Shared Ownership Options - It's Free

Mortgage advice for those looking at Shared Ownership in Nottingham.

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.

Video BG One Video BG Two
Shared Ownership in Nottingham

What are the requirements for Shared Ownership in Nottingham?

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.

  • Applicants need to be 18 or older
  • The applicant’s annual income needs to be less than £80,000
  • The applicant should not be able to buy a home on the open market
  • Applicants should not be in a mortgage or rent arrears
  • Evidence needs to be provided by the applicant to demonstrate a good credit history (passing credit checks and affordability assessments)

If you require open and honest mortgage advice in Nottingham regarding the Shared Ownership Scheme. We recommend you check out our video below or continue down the page to see our Shared Ownership FAQs.

Do I need a deposit for a shared ownership in Nottingham?

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.

Video BG OneVideo BG Two
Speak to an Advisor - It's Free!

Shared Ownership FAQs in Nottingham

Does shared ownership mean sharing with someone else?

Accorion Arrow

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.

Can I get a Shared Ownership mortgage in Nottingham with bad credit?

Accorion Arrow

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.

Why use a mortgage broker in Nottingham for a Shared Ownership mortgage?

Accorion Arrow

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.

Our Customers Love Us

Reviews Stars4.95 Rating317 Reviews

Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you.

Submit Your Help to Buy Application

Step 3

Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Nottingham

Accorion Arrow

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.

Customer Service

Accorion Arrow

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.

Book Online – Simple & Easy

Accorion Arrow

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.

1000’s of Deals

Accorion Arrow

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!

Malcolm and Amy Davidson - Mortgage Advice in Nottingham

Shared Ownership Mortgages in Nottingham

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Halifax
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
Precise Logo
HSBC
Nationwide
Skipton
Pepper Money
Mortgage Works
Coventry Building Society
Santander
Natwest Mortgage Advice
Newcastle Building Society
Kensington Logo
Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Popular Scenarios for Shared Ownership in Nottingham

Do I need a deposit?

Accorion Arrow

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.

Are there any other fees that come with Shared Ownership?

Accorion Arrow

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.

Can you take out a Shared Ownership mortgage on any property?

Accorion Arrow

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.

Mortgage Guides

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

Equity Release Council Logo Solla Later Life Logo
Facebook Image X Image Instagram Image YouTube Image LinkedIn Image SpotifyImage TikTok Image

Speak to an Advisor – It’s Free!
7 Days a Week, 8am – 10pm

Speak to an Advisor - It's free Enquire Online 0115 860 2193
We use cookies to enhance your customer experience. More detailsGot It