Shared Ownership 

Step Onto the Property Ladder, One Share at a Time.

Shared Ownership

Shared ownership mortgages are designed for buyers purchasing a share of a property typically between 25% and 75% while paying rent on the remaining portion owned by a housing association or registered provider.

If you’re a first time buyer, saving a large deposit can be tricky. That’s where shared ownership mortgages can help. They’re offered mainly by housing associations and also known as ‘part-buy, part-rent’ mortgages.

This allows buyers to step onto the property ladder with a smaller deposit and mortgage than would be required for full ownership.

Ready to take your first step onto the property ladder…we can help you.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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What Is Staircasing?

Shared Ownership

Staircasing is when you buy a bigger share of your home. It allows you to build up your ownership over time by buying more when you can afford to.

The drawback is that every time you increase your share, you’ll need to pay for a surveyor. This is to carry out a valuation of your property as the cost to buy will be determined by its current market value.

You could extend your current mortgage or remortgage. Weigh up whether this is worth any extra fees you may incur.

Some schemes allow you to staircase up to 100%, so you can eventually own the property outright. While you wouldn’t need to pay rent, you’d still have mortgage repayments. A standard mortgage usually has lower interest rates than a shared ownership one.One of the most expensive mistakes homeowners make is letting their mortgage roll onto the lender’s Standard Variable Rate (SVR), which is often significantly higher. Remortgaging gives you the opportunity to switch to a better deal, release equity for home improvements, or consolidate existing debts.

Shared ownership FAQs

  • If you want to sell your share of the property, your shared owner will have the first option to sell your share, before you do.

    This is called ‘first refusal’ and means they can find their own buyer if they want to.

    If you don’t fully own the property at the end of your tenancy agreement, your shared owner has the first refusal to sell your share to someone else.

  • You’d need to get permission to add an extension. You can ask the shared owner for this.

  • Provided you don’t make any structural changes, you can decorate and refurbish as much as you like. But please check your tenancy agreement first.

  • If you are looking to purchase a Shared Ownership property in England, the maximum household income is £80,000. In London, your annual household income must be less than £90,000.

    The maximum household income is the income of any member of the household involved in the purchase; this means if you’re buying with a partner, the household income would include both of your salaries and any other income you receive.

Thinking of take your first step onto the property ladder?

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Kingsbrook Finance Ltd are not authorised to provide advice on Mortgages, this will be referred to our trusted third party.