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Mortgages for first time buyers

Shared ownership mortgages


Shared ownership mortgages are offered by housing associations and allow people to part-buy and part-rent their home. The person moving into the home will buy a share of the chosen property (usually between 25% and 75% of the property’s value) and will take out a shared ownership mortgage for this percentage. They’ll then pay an affordable rent to the housing association on the remainder of the property’s value.

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Everything you
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Who qualifies for shared ownership?


You should be eligible to purchase a home through the shared ownership scheme if your household income is £60,000 or less. Unlike many other housing schemes, you don’t technically have to be a first-time-buyer to access a shared ownership mortgage. Previous homeowners may be able to use the scheme if they cannot afford to buy a property now. You may also be eligible if you’re renting a council or housing association property.

What are the advantages and disadvantages?


Shared ownership schemes can be a great way for people to get on the property ladder, particularly if they’re unable to buy a house the traditional way. In some cases, the shared ownership scheme can enable homebuyers to purchase a bigger home than they would be able to afford ordinarily.

However, since you don’t own the property outright, if you wish to make home improvements, you may need to request permission from the housing association beforehand.

Shared ownership mortgages allow you to purchase a percentage of a property. While most properties require you to put down a deposit of 10-20% of the home’s value, most shared ownership schemes require as little as a 5% deposit. You’ll pay mortgage repayments on a percentage of your new home’s value and rent on the rest.

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Mortgage Calculators

Our online mortgage calculators have been designed to help you with the most common mortgage questions such as ‘how much can I borrow?’ and ‘how much will it cost?’

To get a more accurate idea we recommend that you speak to one of our expert mortgage advisers.

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We provide you with all the information that you need to make a decisive and informed decision.

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With access to a comprehensive range of first charge mortgages and protection, we can deliver a complete range of flexible mortgage solutions to fit your exact requirements.

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We provide our clients with an ongoing service by conducting an annual review to ensure that their current mortgage arrangements still suit their needs.

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Our comprehensive service includes an initial no obligation consultation, professional advice and recommendation, help with legal paperwork and an annual review for every customer.

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If you're unsure and need some advice just give us a call, our expert team of advisers are available to help you choose the mortgage that is right for you.

0345 305 2540 info@taylormade-finance.co.uk

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Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: http://financial-ombudsman.org.uk

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