Shared Ownership is a government-led Help to Buy scheme that was introduced to support struggling applicants who cannot afford a full mortgage. The share you can buy is usually between 25% and 75%. You can buy a 10% share on some homes and then pay off the remaining percentage back through rent.
You will pay this rent to the Housing Association/Builder that owns the other percentage of the property. The Shared Ownership scheme can sometimes get complicated, therefore, it may be beneficial to speak with a Shared Ownership mortgage advisor in Cardiff. You can easily book a free mortgage appointment through our website by clicking on our ‘Book Now’ button.
Before you can access the scheme, we need to check whether you qualify. If you do not fit the criteria for this scheme, we would recommend that you explore other government schemes that are available. First of all, we would recommend the Help to Buy the Equity Loan scheme which is a great solution for first time buyers in Cardiff. Below are the Shared Ownership scheme requirements:
Shared Ownership is a mortgage scheme that allows you to purchase a percentage of a property and pay rent for the remaining share. You can apply for a Shared Ownership mortgage on 10% to 75% of the property value. For instance, if you take out a mortgage on 65% of the property, you will make mortgage payments on this amount and pay rent on the remaining 35%.
Since you are taking out a mortgage on a percentage of the property, you only must put down a deposit on this total. If the minimum deposit that you are required to put down is 5%, your deposit on a share of 10%-75% will be cheaper than a deposit on 100% of the property price.
If you have bad credit in Cardiff, you may face challenges in qualifying for the Shared Ownership scheme. Most lenders do not accept applicants with poor credit ratings. However, there are specialist lenders who cater to bad credit applicants or those with low credit scores. Our mortgage advisors in Cardiff can help you explore these options to find a suitable deal for your financial situation.
Shared Ownership is itself a mortgage, and you will make monthly payments to pay it off. Additionally, you will also need to make rental payments on the remaining share of the property to the housing association.
To utilise Shared Ownership, you must be a first time buyer, and you cannot own another property. It's also important to note that you can only apply for a Shared Ownership mortgage on a new build property, which will be leasehold.
To qualify for Shared Ownership in Cardiff, you need to be at least 18 years old, and your annual household income should be less than £80,000. If your income is higher than this, you are unlikely to be eligible for the scheme.
As a mortgage broker in Cardiff, we have assisted many applicants who are interested in using the Shared Ownership scheme to purchase their first home. Our advisors can help you explore this and other Help to Buy mortgage schemes to identify the best option for your financial situation. We can also assist you in finding the right lender if you have bad credit.
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During your appointment with the mortgage advisor, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Cardiff, as well as assess your mortgage affordability.
Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you. We will also assist you in obtaining a mortgage agreement in principle, which can strengthen any new build offers you make.
Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.
Throughout this process, your dedicated case manager will keep you informed of progress, from mortgage offer to completion and beyond.
Our service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.
Additionally, we will notify you when your mortgage deal expires to ensure that you are always on the best deal available.
As an experienced mortgage broker in Cardiff, we are able to help clients in all different kinds of mortgage scenarios. We are also able to assist those looking to utilise the Helpt o Buy Shared Ownership scheme.
We have helped many applicants successfully complete their mortgage journey through Shared Ownership. Firstly, we will take a look at whether you qualify for the scheme, then if you get the green light, we can look at preparing your application.
Check out our fantastic customer reviews to see what others have thought of their experience. You may come across someone who has been in a similar situation to you.
Customer service is at the heart of our company, we want you to receive the best experience from start to finish. Our mortgage advisors in Cardiff will make sure that you feel comfortable and secure at all times.
Book your own appointment, it’s simple and easy to do! We have availability 7 days a week and appointments early in the morning or late evening.
Simply follow our ‘Get Started’ process to choose the date and time best for you.
We have 1000s of mortgage deals available on panel, featuring both high street and specialist deals. It is our job to pick out the perfect product for you that matches your personal and financial situation.
Our mortgage advisors in Cardiff know exactly what they are looking for, they have over 20 years of experience in the sector!
Yes, you need a deposit for a Shared Ownership mortgage. In most scenarios, you will need a deposit for any type of mortgage.
The deposit amount that you will have to put down will vary depending on the percentage that you own. For example, if your property is valued at £300,000 and you own a 50% mortgage share, you will need to put down a deposit on £7,500 of the property.
Similar to all mortgage types, when it comes to Shared Ownership you will have to account for lots of different costs. Of course, you have to consider your monthly repayments, both rent and mortgage payments. On top of this, you will also have to factor in property survey costs, arrangement fees and legal fees.
One of our mortgage advisors in Cardiff will be more than happy to break down these costs for you.
Unfortunately, only a number of selected properties are available via the Shared Ownership scheme. The property has to either be a new build, a property that is already under shared ownership and is being resold or a property that meets specialist needs like a ground floor flat for someone with a long-term disability.
If you are looking for Shared Ownership Mortgage Advice in Cardiff, feel free to get in touch with our team. You can book your own mortgage appointment online for free! Follow our ‘Get Started’ process and choose a convenient date and time.