Popular Shared Ownership Scenarios in Cardiff
There are lots of different ways that your Shared Ownership mortgage could go. Assuming that you’ve passed the lender’s criteria and you’re ready to submit your application, you will need to choose the percentage amount that is owed. Your rent payments will increase or decrease depending on how little or much you own.
Further down the line, you may be able to increase the percentage that you own. We usually find that customers do this upon additional income coming into the household.
Do I need a deposit?
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.
Are there any other fees that come with Shared Ownership?
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.
Can you take out a Shared Ownership mortgage on any property?
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.
Why Choose us for Shared Ownership Mortgage Advice in Cardiff?
Mortgage Experts – Shared Ownership in Cardiff
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.
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