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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 like the Help to Buy Equity Loan.
Check out the video below for more Shared Ownership Mortgage Advice in Nottingham or scroll further down to see Shared Ownership FAQs.
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.
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.
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.
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!
4.95 Rating284 Reviews
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!
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...
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...
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 🙏
Jonathan
Very helpful and informative. Kept us in the loop and followed up with emails. Thank you!
Baljinder
Conor was excellent and efficient through the process and always helpful. Would highly recommend Moneyman.
Rosalind
Paula and Dan worked on our remortgage and we cannot recommend them highly enough. Dan initially handled the case and was very thorough, efficient and found us a great deal. We needed to remortgage around the time of Kwarteng’s mini budget so it...
Amy
Daniel was my mortgage advisor and he was excellent, friendly, efficient and honest in what was available to me in the current climate. Will continue to use Nottingham Moneyman for my remortgages.
Molly
Really happy with the care and support we received throughout our mortgage application! Communication was easy & response time was fast - thank you!
Emily
Leo and Jo were really great in getting us a mortgage. We’re both first time buyers and really didn’t understand the process, Leo made it very easy. He answered my calls every time without fail and held my hand through the process. Jo was...
Saira
Matt Collinson and Lyndsey Smith have been exemplary. The entire service has been exceptional. Matt is unbelievably helpful and knowledgeable. The team communicate efficiently and regularly. They are patient with queries and concerns. Hugely...
Anne
We are really pleased with the advice and support we received from Matt Collinson at UK moneyman. From start to finish he was very friendly, honest, knowledgeable and very contactable throughout. When faced with a bit of a turbulent market he...
Shaun
Understood the issues, and explained the various options making it easy to decide. All done promptly too. Perfect.
Akbar
Excellent, helpful and friendly service. I have recommended to various others already.
Shawn
Excellent service helped me from start to finish with buying my property with great advice and communication throughout thanks Malcom and the team
Anonymous
Very helpful throughout the process of securing a mortgage. Happy to talk through different options and offered explanations when requested
Jacqueline
Matt Collinson and Chloe dealt with our mortgage application. Excellent service. Working late and weekends when time is of the essence.
Andrew
Fantastic service by Charlie and Lyndsey, very knowledgable and professional and helped my wife and I secure a great mortgage deal. We will definitely be using their services again in the future and I would highly recommend!
Grace
Dinah Harros and Anna Braithwaite were outstanding! No question was too silly, really informative and easy to get a hold of - thank you both so much for helping us get life insurance and a mortage for our first home.
Sean
Brilliant service, Ryan and Lyndsey have been fantastic and couldn’t do enough for us and always in touch. Finally we have our dream home! Thank you so much Lauren & Sean x
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