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Shared ownership mortgage schemes are a Government incentive backed up by developers and housing associations in order to provide high quality affordable housing for first time buyers and other key workers.
The shared ownership mortgage scheme works by property buyers 'sharing' the ownership of the property. On the initial purchase you will typically buy 25/50/75% of the total property value. The remaining 75/50/25% of the property is owned jointly, usually with a housing association. They charge you a 'rent' for the section you do not own.
The main benefit of getting a shared ownership mortgage is that you get a foothold on the housing ladder and benefit from the increase to the value of your 'share'.
Also these schemes are unique in that you can 'staircase' up your ownership of the property; meaning you have the ability to buy additional sections of the property at a later date. Therefore you can start off by buying 50% of the property initially, then in 2 years buy another 25% and finally the last 25% so you own the entire property. This saves you the cost of having to 'size up' during your working life. As you increase your ownership of the property your rent decreases to reflect the increased ownership.
Conditions vary from scheme to scheme so make sure you are happy with the terms you sign up to at the start. We can help you with this.
As shared-ownership is a niche mortgage sector not all mortgage lenders are willing to lend on these developments. At Top Mortgage Solutions UK Ltd we can find the best lender for you by sourcing the Whole of Market.
Your home may be repossessed if you do not keep up the repayments on your mortgage.
Top Mortgage Solutions UK Ltd are independant mortgage advisors and as such offer mortgage advice from the whole mortgage market place. We may charge a reduced fee of up to 1.00% of the loan amount, as we are paid fees from lenders. However, we will offer you the option of paying our full fees which are 1.5% of the loan amount and you will recieve the procuration (commission) fee from the lender.
Top Mortgage Solutions UK Ltd is an Appointed Representative of Mortgage Next Network Limited which is authorised and regulated by Financial Services Authority in respect of mortgage and insurance mediation activities only. Mortgage Next Network Limited is entered on the FSA register (http://www.fsa.gov.uk)
under reference 300866.