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Shared Ownership

With some clients struggling to find the large deposits that most lenders now require from a first time buyer,( 10% on average ) shared ownership is becoming more popular, as clients can start at purchasing only 25% of the property and renting the balance from the local authority or housing association.

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More About Shared Ownership Mortgages

There is a massive choice of providers with Shared Ownership, from various Housing Associations, and the Local Authority. Each area maybe very different in terms of choice of providers, because with a strong demand some providers are running out of funds very early into the financial year. Doing your home work is a must, and it is worthwhile asking the local authority for a list of approved housing associations in your area. There are also some associations who are not tied geographically so you may have to undertake a little more research than you allowed for.

With shared ownership you will have the right to purchase the balance of the property at some stage, and you will also enjoy any rise in the property value should you decide to sell.

As mentioned you can purchase as little as 25% of the value of the property, with a normal maximum of 75% with rent payable on the balance. With regards to the mortgage to purchase your share of the property, we would normally expect you to find at least a 5% deposit, of your share of the property, which for most clients is affordable even in these difficult times. Yes you will have rent to pay on the balance but it is affordable housing and you are investing in your future.

You will have to apply to the local authority or housing association to be accepted before you can view properties, and having been accepted you should then be looking for a suitable mortgage product to suit you.

Shared Ownership is a good starting point for most first time buyers who want to get their foot on the housing ladder, but as in nearly all cases, you should look very carefully at the implications of buying into shared ownership, and make sure that it is right for you in the long term, as well as starting out.

If you would like to know more please call Michael J Alexander on 03452 605506. We are Independent Mortgage Advisers, with access to the whole of market, and all of the mortgage clubs, who offer unique plans only available to Intermediaries. With over 40 years of experience in financial services we have the knowledge and the sourcing systems to find the right product to suit you