we’re the shared ownership mortgage specialist
If you would like to own your own home but can’t afford to buy on the open market, we can help you to secure a Shared Ownership mortgage…
That means you have the chance to buy a share of your home (between 25% and 75% of its value) at the same time as paying an affordable rent on the remaining share. You could buy more shares, known as staircasing, later when you can afford to, eventually owning 100% of your home.
If you already have a Shared Ownership mortgage, it could be time to review it and make some valuable savings. We work with many Housing Association clients, so get in touch with our team of Shared Ownership specialists today to see how we can help.
You could buy a home through Shared Ownership in England if:
Your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
You are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move
Shared Ownership is a lower cost way to buy a newly built home or an existing one through resale programmes from housing associations.
You’ll need to take out a mortgage to pay for a share of the home’s purchase price and any deposit will be 5-10% of the price of the share, not the full market value. Shared Ownership properties are always leasehold.
instant access to the best rates & deals
stress-free process with the mortgage brain
understanding of the shared ownership process
expert advice from fully qualified advisers
Will I need to provide a deposit?
Yes. The deposit for a Shared Ownership home is usually between 5-10% of the share you are buying, not on the full value of the property. So, if a property costs £500,000 on the open market and you are buying a 25% share – equivalent to £125,000 – a 5% deposit on your share would be £6,250.
selling your home
If you own 100% of your home, you can sell it yourself, however, the housing association has the right to buy the property back first. This is known as first refusal and the housing association has this right for 21 years after you fully own the home. If you own a share of your home, the housing association has the right to find a buyer for it.
It’s our first time to use The Mortgage Brain and they did not disappoint! What a brilliant team. They will guide you all throughout the process, which is very helpful to us as shared ownership buyers. They are quick and responsive to emails, transparent, and very efficient. Amazing customer service.