With property prices still currently high, and incomes not stretching as fair as hoped, some mortgage lenders are accepting applications for shared ownership mortgages. It is usually first-time buyers who opt to go down the shared ownership route. Some new build properties are available to buy on a shared ownership basis but the majority of properties being sold on this basis are former housing association or council properties. Shared ownership is where part of the property is bought - with a mortgage - and the other part is rented. Shared ownership is usually between 25-75% of the value of the house or flat with the balance being made up with rent.
When the property is sold, it is on the same basis - so if you bought your house with a 50% mortgage and rented the other 50%, when you decide to sell the property it will be split 50-50. Any increase in the value on the part of the property which you own is then yours, and the company who have rented the other part with you will receive any increase in value on their half of the property.
As this is a little complicated to move forward with, the experts at UKFCS Mortgage Specialists are ideally placed to advise you about shared ownership schemes. We already know the mortgage companies who will be able to lend on a property with a shared ownership basis and as impartial whole of market mortgage brokers have access to the best deals currently available. As such, by contacting us we will be able to to advise you on the best way forward. UKFCS Mortgage Specialists will approach mortgage lenders on your behalf, and then be ideally placed to advise you of the best deals available for your situation and requirements. This is something that our considerable experience and expertise means will ensure your mortgage application process goes as smoothly and efficiently as possible.
Every lender has their own criteria regarding the types of properties they will provide mortgages for - and UKFCS Mortgage Specialists know, from experience whether a particular lender is going to be able to offer you a mortgage. Consult UKFCS Mortgage Specialists and let us provide you with all the information and clearly explain the options available to you. Our experienced team of mortgage advisers will be able to discuss each step of the process with you and then help you to decide whether this is a viable option for you. We won't charge you any fees at all, and we will be delighted to help you to buy your dream property through a shared ownership scheme.
Kirk at UKFCS Mortgage Specialists is a very professional and competent broker, he is very trustworthy and we have worked closely for many years helping lots of clients in the process. Highly recommended.By Chris Warner in Harlow, Essex
UKFCS Mortgage Specialists provide a fantastic service. The advice I was given was thorough and jargon free. Everything was done efficiently and they saved me money. I will definitely be recommending them to friends and family.By Sheetal Patel from West London
Authorised and Regulated by the Financial Conduct Authority. UKFCS Mortgages Specialists is the trading name of UK Financial Consultancy Services Ltd. UK Financial Consultancy Services Ltd, Registered in England and Wales No.5467810
Registered Office: 33 Darnley Road, Gravesend, Kent, DA11 0SD Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.
The overall cost for comparison is 4.4% however the actual rate will depend on your circumstances.
UK Financial Consultancy Services Ltd operate as an intermediary and are not a principal lender
Our FCA registered number is 435495 and can be found on the regulators website at www.fca.org.uk/register