Shared ownership in Cardiff offers first-time buyers in Cardiff and home movers in Cardiff a chance to purchase a share of a property, typically 25% to 75% while paying rent on the rest.
You can later buy more shares through staircasing, potentially reaching full ownership.
A mortgage advisor in Cardiff can explain how staircasing works and whether options like a further advance can help.
To qualify for shared ownership in Cardiff, you need to be over 18 with a household income below £80,000.
A 5% deposit applies only to the share you’re purchasing. This scheme is ideal for first-time buyers or homeowners who can’t afford a full mortgage.
A trusted mortgage broker in Cardiff will guide you through your options.
If you already own a home in Cardiff and want to switch to shared ownership, you’ll need to have sold your current property subject to contract.
Selling must be completed before buying a new shared ownership property.
The scheme also suits over-55s and those with long-term disability needs.
Members of the armed forces may receive priority access.
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The exact share you purchase in a shared ownership property will depend on what you can afford and the terms set by the housing association or property developer in Cardiff.
Generally, you will have the option to buy between 25% and 75% of the property value, although in some cases, this can go as low as 10%.
When it comes to your deposit, you won’t need to cover the full share in one go. Instead, you’ll be required to provide a 5% deposit based on the percentage you’re buying.
For instance, if a property in Cardiff is valued at £100,000 and you’re looking to purchase 50%, you’d need a 5% deposit of that share, which amounts to £2,500.
You may also have the option to buy more shares later, a process that should be outlined in your agreement.
If this option isn’t available, things may become a bit more complicated, but your mortgage advisor in Cardiff can help you navigate the situation.
The term shared ownership in Cardiff refers to sharing ownership with the housing association or developer because you only have a mortgage for part of the property, while they own the rest.
This doesn’t mean you can’t share the mortgage with someone else, such as a friend or partner.
There are no restrictions that prevent you from taking out a joint mortgage under shared ownership.
Selling a shared ownership home in Cardiff can be a bit more complex. To sell outright, you would need to own 100% of the property.
If you haven’t reached full ownership yet, you’ll need to inform the housing association or developer who still owns a share.
They have first refusal, meaning they can either buy the property back from you or find another buyer themselves.
If they fail to do this within the agreed timeframe, you can then list the property on the open market.
The specific lease you hold might also affect your ability to sell. If your shared ownership property in Cardiff has a “designated protected area – mandatory buyback” lease, the landlord – either the housing association or developer – would be responsible for buying it back or finding another buyer.
When selling a shared ownership property yourself, the process generally involves getting a valuation, obtaining an energy performance certificate (EPC), organising property photos, and finding a buyer before finalising the sale.
On top of the usual mortgage payments for the share you own and rent for the remainder, shared ownership in Cardiff often comes with additional expenses.
These may include service charges, maintenance fees, and possibly ground rent, depending on the terms agreed with the landlord at the time of purchase.
Service charges are usually reviewed annually and may fluctuate based on factors such as cleaning, upkeep, and any gardening work that has been completed.
Your housing association should be able to provide you with a clear breakdown of these costs, along with any changes for the coming year.
Other regular costs, such as utility bills, contents insurance, and council tax, remain your responsibility.
Additionally, solicitor fees might be a factor to consider, and your mortgage advisor in Cardiff can explain these in more detail.
If you’re a first-time buyer in Cardiff, it may be worth consulting a tax expert or visiting the Share to Buy website for information on Stamp Duty Land Tax.
If you’re a shared ownership homeowner in Cardiff, you might be wondering about making home improvements.
Much like traditional renting, you’ll typically need permission from your landlord before making any significant changes to the property.
It’s important to note that renovations can increase the value of the property, which may affect future mortgage costs if you decide to purchase additional shares.
Your mortgage advisor in Cardiff can walk you through the details during your free appointment.
Whether you’re part of a shared ownership scheme or not, it’s essential to contact your mortgage lender – and in this case, your landlord, whether that’s a housing association or a developer in Cardiff – if you’re struggling with payments.
This includes rent and service charges. In many cases, you might be able to work out a payment plan or receive financial advice to help manage the situation.
Allowing debts to build up with either your lender or landlord could lead to your property being repossessed.
Both parties would prefer to work out a solution rather than take this route, as it saves them time and money, and it’s in your best interest to resolve the issue early.
Yes, it is possible to remortgage a shared ownership property in Cardiff, though it can be more complex than with a standard property.
You might be able to remortgage to secure a better interest rate on the portion of the property you own or even to buy more shares.
Releasing equity could also be an option, but given the complexity of shared ownership, it’s highly recommended to speak with a mortgage broker in Cardiff to guide you through the process.
Generally, repairs and maintenance for the property will be your responsibility.
It’s always a good idea to check your lease or speak directly with your landlord to clarify the specifics.
In most cases, you’ll contribute towards external and communal maintenance through your service charges, which can fluctuate depending on the work carried out during the year.
As a shared ownership homeowner in Cardiff, you’ll usually have the right to extend the lease on your property.
The costs can vary, but it’s generally more cost-effective to do this before the lease term drops below 80 years.
It’s possible to secure a mortgage for a shared ownership property in Cardiff if you have bad credit, although it can be more challenging.
You might need to provide a larger deposit and face higher interest rates, which could make it more difficult to afford the purchase.
One possible solution is to opt for a smaller share of the property initially or explore the option of a gifted deposit to boost your contribution.
When you speak to a mortgage advisor in Cardiff, they will carefully assess your income and expenditure to determine whether you’re eligible for a shared ownership property. This assessment is essential to ensure that the mortgage is affordable and suited to your financial situation, giving you peace of mind before moving forward with the process.
Our team in Cardiff will search through a range of mortgage products to find the one that best suits your needs. With access to a wide variety of lenders, we aim to find the most suitable mortgage option that fits both your financial circumstances and your long-term goals as a homebuyer.
Once your offer on a property is accepted, we’ll handle submitting your complete mortgage application, along with all necessary supporting documents, to the lender. This helps streamline the process, ensuring everything is in place for a smoother experience as you move towards securing your new home in Cardiff.
Our service goes beyond just helping you find the best mortgage deal. We also offer advice on insurance policies that can protect you and your loved ones. Whether it’s life insurance, income protection, or building insurance, we’ll recommend the right cover to ensure you’re fully protected as you settle into your new Cardiff home.
Our mortgage advisors in Cardiff have extensive experience helping both homebuyers and homeowners secure shared ownership properties. Whether you're stepping onto the property ladder for the first time or moving to a new home, our team is here to support you through the shared ownership process in Cardiff.
We take great pride in delivering exceptional service to all our new and returning customers. You can see for yourself by reading our genuine customer reviews, where client satisfaction speaks for itself. At the heart of everything we do in Cardiff is a commitment to making the mortgage journey as smooth as possible for you.
Using our convenient booking service, you can arrange a mortgage appointment at a time that suits your schedule. Our mortgage advisors in Cardiff are available from morning until late, seven days a week, including weekends, so we’re always here when you need us.
With access to a broad panel of high street and specialist lenders, we can tailor our mortgage advice to find the most suitable deal for your unique circumstances. Whether you’re looking for a shared ownership mortgage or a different type of product, our team in Cardiff is dedicated to securing the right option for you.
If you’re a first-time buyer or a key worker in Cardiff, such as a teacher or nurse, you might find properties nearby that fall under the First Homes Scheme.
This scheme offers newly built homes at a substantial discount from their market price, making homeownership more affordable.
Discounts start from 30% and can even go as high as 50%, depending on the property and location.
The scheme aims to ensure long-term affordability, meaning when you eventually sell the home, the discount remains for the next buyer, keeping it accessible.
The number of homes available under this scheme is limited and will vary based on where you live.
A Lifetime ISA is a savings account designed for people aged 18-39, allowing you to save for your first home or retirement.
You can contribute up to £4,000 each year, with the government adding a 25% bonus, which could be as much as £1,000 annually.
The savings, including the government’s bonus, can then be used to buy a property up to the value of £450,000, as of 2024.
Your account needs to be open for at least 12 months before you can use it towards a house purchase.
While early withdrawals for other reasons can incur penalties, a Lifetime ISA offers a great way to build savings and take advantage of the government’s contribution to help you get onto the property ladder in Cardiff.
If you’re a first-time buyer in Cardiff and are finding it difficult to save up for a deposit, you may be encouraged to know that many lenders offer 95% mortgages.
This means you only need to save (or be gifted) 5% of the property price to put down as a deposit.
With government encouragement, this type of mortgage is designed to make homeownership more accessible to first-time buyers in Cardiff and across the country.
It’s an excellent option for those who can afford monthly mortgage payments but are struggling to gather a large deposit.
If you’re looking to buy a property in Cardiff and need extra financial support, a joint borrower, sole proprietor mortgage could be the ideal solution.
This option allows a family member or friend to join the mortgage application without being named on the property deeds.
By including their income in the affordability checks, you may be able to qualify for a larger mortgage than your individual income would allow.
Because the supporting borrower isn’t listed on the deeds, Stamp Duty Land Tax is calculated as if you were the sole buyer.
For first-time buyers in Cardiff, this can be a great way to secure a more affordable mortgage, but it’s worth speaking to a tax advisor to fully understand the implications.
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