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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.
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.
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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Gabriel
The Nottingham moneyman team have been fantastic. Our house buying process was far lengthier and more complicated than we had expected but they were there every step of the way. Very responsive and always helpful. Would definitely recommend them to...
1 month ago
Jessica
My dedicated advisors, Charlie and Jo, have been absolutely fantastic in helping me to navigate the very stressful task of purchasing my first home. Many thanks to both
2 months ago
Dave
Quick and efficient service, Charlie very nice to deal with and gave clear advice. Debbie was diligent, friendly and clear. Appreciate the assistance with securing a mortgage at a reasonably tricky time for borrowing.
2 months ago
Andrew
Would recommend this company. Good service.
2 months ago
Anonymous
Dealt with everything very efficiently and sorted out a minor issue very quickly. Good communications.
3 months ago
Mr James
3rd mortgage I've got through Chris and the team! 10/10 will use again.
3 months ago
Anonymous
We first used Nottingham Money Man 5 years ago, our case was far from straight forward however Matt made the whole process easy. This lead us back to using Nottingham Money Man again recently as our fix term was due to expire. This time I dealt with...
3 months ago
Shahram
Everything was absolutely perfect. Very specialized team specifically Charlie.
3 months ago
Mr Sam
Great service, very informative and kept us up to date with the progress
4 months ago
Sarah
Thank you so much for getting our mortgage for us! Wasn't a straight forward mortgage and you sorted everything out for us stress free! Excellent response from you and your team! Will be recommending you to everyone! Thanks again Sarah
4 months ago
Anonymous
Really happy with the whole process
4 months ago
Richard
I’ve been back to Moneyman a few times. They are pleasant, helpful, profesional & I trust them. I’d highly recommend the service & I will use them again in the future.
5 months ago
Natasha
Excellent service very quick and super helpful will definitely recommend to family and friends.
5 months ago
Karen
Dinah and Debbie were extremely knowledgable about their products and were able to recommend a mortgage based on our needs. They were very friendly and kept us upto date and informed throughout.
5 months ago
Laura
The whole team were really helpful and always on hand to answer any queries. They were supportive and would go above and beyond to help.
6 months ago
Mark
Excellent service, very informative and extremely helpful throughout the application process.
6 months ago
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Brilliant company
6 months ago
Phoebe
Great advice, easy to contact & quick to respond to queries (even minor ones). I feel confident that Daniel helped us to find the best option for our situation at this time, couldn’t ask for more.
6 months ago
Grace
Matt and Meghan have been brilliant throughout the process of applying for a new mortgage. Matt’s expertise has been much appreciated and we won’t hesitate to contact you again in the future and recommend to friends.
7 months ago
Callam
Very helpful and always answered questions and calls quickly
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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