Q) Can I do a shared ownership mortgage on any property?

Shared ownership mortgages can only be secured on properties offered by housing associations or councils, sometimes in association with major house builders.

Q) How much will the rent cost?

This depends on the value of the property but as a rough idea use this calculation: Take the value of the share you are not buying then x it by 3% and divide by 12 to get your monthly rent. (max for new build is 3%)

Q) How long does a shared ownership mortgage offer take?

If you have already found and been approved for a property then the mortgage process should take approx 3 weeks, our standard is to aim for 21 days, this allows your solicitor to exchange contracts in the obligatory 28 days.

Q) Can I add fees or borrow extra?

Usually you can add any lender related fees to the mortgage but you cannot borrow extra money for other purposes at the initial purchase stage.

Q) Can I buy more shares in the future?

Yes, this is known as stair casing.

Q) Do I need to be qualified or approved by the Housing Association?

Yes, you will need to go through an allocation process that will also involve an affordability check.

Q) How do I sell a shared ownership property in the future?

Pretty much the same as a standard property, except usually the Housing Association will try to help you for the first 8 weeks, as they may also have interested buyers on their database.

Can I still get a mortgage if:

Q) I am self employed and have no accounts for my business?

No, this will not be possible as all mortgages require proof of income.

Q) I have a mortgage and don’t want to sell my existing property but want to buy another one to live in?

YES, you can provided that you let out your existing property and the rental income covers the existing mortgage, if this is so then we can usually obtain a mortgage for your new property. However this would not apply to a shared ownership mortgage, the answer would be No.

Q) I have the right to buy my council house but also want to raise extra cash for home improvements?

YES, you can. We can usually arrange mortgages up to around 80% of the true value of your property.



    Budgeting for your new property or new mortgage is vitally important, the mortgage lender assume responsibility for mortgage affordability but clearly you need to be 100% sure that you can afford your mortgage and rent if you are purchase shared owne.

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    Resales are properties that have already been bought through shared ownership in the past, and where the owners are now looking to sell their share and move on.

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