First Time Buyers Mortgages

Shared Ownership Mortgages

What are Shared Ownership Mortgages?
With shared ownership you only need to qualify to borrow a certain percentage of the property value – usually between 25 and 75. The remainder is paid for – and owned – by a Housing Association that will charge you a nominal rent.
When you can afford to, you can buy back chunks from the Housing Association – a process known as staircasing – until you own 100% of the property.
The Housing Association will reclaim the relative percentage of the house that it still owns when you sell.

Shared Ownership Mortgages – Advantages
Shared ownership bridges affordability problems for those that would otherwise have little chance of getting onto the housing ladder.
You can tailor your initial mortgage repayments according to your affordability by selecting the appropriate share of the property to buy in the first place.

Shared Ownership Mortgages  - Disadvantages
Only a limited number of properties will be available. You will also be restricted in terms of area. You will have to qualify to get on the Housing Association list.
When you come to sell the property, if you still do not own 100%, you may face affordability problems when looking for your next home.

Lenders Specialising in Shared Ownership Mortgages
Abbey
Woolwich
Nationwide.

Britannia, Cheshire, Ipswich and Kent Reliance Building Societies are among those that offer a 100% LTV on the proportion you are borrowing.

Shared Ownership Mortgages Advice
For shared ownership mortgages advice – indeed advice on which sort of mortgage would be right for you - seek no-commitment, friendly, shared ownership mortgage advice.

Features, advantages and disavantages of specific first time buyer mortgages:

100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages