Shared Ownership Mortgages

You could buy a home through Shared Ownership in England if:

• your household earns £80,000 a year or less or £90,000 a year or less in London
• you are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.

With Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations. You’ll need to take out a mortgage to pay for your share of the home’s purchase price, with the deposit derived from your savings or a family gift.

After you’ve registered for Shared Ownership you can start house-hunting. Your local housing association will need to carry out a financial assessment to see how much you can buy and how much you’ll need to rent. 

There are quite a few lenders that do not provide Shared Ownership mortgages, and hardly any if you have a history of poor credit.

However, we do have access to these schemes, and sometimes without a requirement for you to pay any deposit at all.

This process is known as ‘staircasing’ and allows you to gradually increase the share of the home that you own, usually up to 100% over time.

Staircasing means that you won’t have to pay as much rent, but also makes things easier if you come to sell the property in future. You’ll be able to sell it on the open market at full value and you’ll get the full benefit from any increases in house prices.

With Shared Ownership, you only need a deposit on the share you’re actually buying, so it’s far less than it would be with a standard mortgage.

We have access to 100% shared ownership mortgage deals that bypass the need for the normal 5%-10% deposit requirement.

Yes, it is an option. Typically as long as the adverse credit (missed payments, defaults or CCJ’s) occured over 12 months ago we can put together mortgage deals for you.