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01908 597655
New Homes Hotline – 01908 870017

Can You Get Shared Ownership With Bad Credit?

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Purchasing property can sometimes be a difficult ride, even for those with a seemingly strong financial record. It can be especially difficult for those burdened with a poor credit history for whatever reason. Don’t let a bad credit history put you off trying to buy a property, however. Mortgages of all kinds can still be sourced, provided you adopt the right approach.

Bad credit is far from uncommon. People in the UK owed £1,742.1 billion at the end of June 2021. Inevitably, some percentage of this will have fallen into arrears, or be in default to some degree. [Read more…]

How Much of a Deposit do you Need for Shared Ownership?

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Shared ownership is designed to make getting on the property ladder more affordable for those who need it. With shared ownership, the amount of deposit you will need to get together in order to purchase a shared ownership property is considerably lower than the deposit you would need to purchase a property outright on the open market.

This is because the deposit you will need to provide is based on the value of the share of the property that you are purchasing, rather than the market value of the whole property. Whilst the deposit required for a shared ownership purchase will vary from property to property, it is typically between 5-10% of the value of the share being purchased. [Read more…]

How to Buy Your First Home

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If you are a first-time buyer, the process of purchasing a home can feel daunting. Purchasing a property is likely to be one of the biggest financial decisions you will ever make, so it’s important to get it right.

We’ve put together a handy step-by-step guide to buying your first home – from saving for your deposit to getting the keys and moving in. We hope it will help you get an idea of the process you will need to go through from start to finish. [Read more…]

How to Apply for Shared Ownership

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Since its introduction back in the 1970s, the shared ownership scheme has become incredibly popular. The scheme has seen some changes along the way, the latest coming into effect in April 2021. Today it remains one of the most popular options for affordably buying a home.

If you are interested in purchasing a property using the shared ownership scheme, then there is a process you will need to follow. In this article, we will outline this process; from who to initially contact, through to collecting the keys and moving in.

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Different Types of Mortgage

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Once you begin looking for a mortgage, you’ll come to realise that there are many different types of mortgages out there on the market. It can quickly become confusing. However, there are essentially two main types of mortgages: fixed-rate and variable-rate mortgages.

In this guide, we are going to explain how each of these mortgage types work. We will also cover other common types of mortgage and some specialist mortgages that you may come across.

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What Happens When You Sell a Shared Ownership Property?

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If you have a shared ownership property, you will encounter some restrictions if and when you want to sell it on. If, however, you have staircased to 100% ownership, then these restrictions may not apply to you, as you are generally considered the sole owner of the property. It’s important to check the details of your lease to see if this is the case for you.

If you do not own 100% of the property, however, then there is a process you must follow when it comes to selling up. This process will be detailed within your lease, but here’s a guide to what you can expect when selling your shared ownership property.

[Read more…]

Shared Ownership – How Does Staircasing Work?

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If you have bought a share of your home using the shared ownership scheme, the process of ‘staircasing’ enables you to gradually own a greater proportion of the property by purchasing additional shares. The more of the property you own, the less rent you will pay to your Housing Association. If you eventually staircase up to 100% ownership, you will own the property outright. You will no longer need to pay any further rent.

Generally, you can’t begin staircasing until you have owned your share of the property for an agreed fixed period of time. This initial restricted period will be detailed in your lease. It’s also important to check the terms of your lease. Getting up to 100% ownership is not always possible. Some housing providers limit the share of the property you can staircase up to.

[Read more…]

What is a Shared Ownership Mortgage?

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A shared ownership mortgage is the borrowing you take out to help you purchase the share of a property that you purchase using the shared ownership scheme – usually between 25 – 75%. The mortgage covers the share that you own, and the Housing Association owns the remaining share, which you will pay below-market-value rent on.

A shared ownership mortgage is only required on the percentage of the property that you purchase, the amount borrowed is often much lower compared to purchasing a property outright.

[Read more…]

Is Shared Ownership a Good Idea?

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If you would like to buy a property outright but you can’t raise a mortgage large enough to complete the purchase, then you might consider making use of the Shared Ownership scheme. The Shared Ownership scheme is designed to make buying a house more accessible for people on a lower income or who have low deposits- but is it a good idea? [Read more…]

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