Popular Shared Ownership Scenarios in Nottingham
Being a Mortgage Broker in Nottingham, it’s common for our team to receive a plethora of questions and enquiries regarding Shared Ownership due to the scheme’s complexity.
Here at Nottinghammoneyman, we provide a service that explains to customers a detailed insight into the scheme. Below are questions we find are frequently asked.
Do I need a deposit?
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?
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?
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.
Why Choose us for Shared Ownership Mortgage Advice in Nottingham?
Mortgage Experts – Shared Ownership in Nottingham
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.
Book Online – Simple & Easy
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
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.
Our knowledgeable Mortgage Advisors 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!