Mortgage Light

Call Phone Icon01908 597655
New Homes Hotline – 01908 870017
01908 597655
New Homes Hotline – 01908 870017

Do Shared Ownership Properties Increase in Value?

By Leave a Comment

It’s quite normal for house prices to go up as well as down. This is due to changes in market conditions and shared ownership properties are no different in this regard. Property prices will be impacted by various factors. These include changes in the supply and demand for housing in an area. This is often caused by changes to local transport links or employment opportunities. They are also affected by larger influences such as the nation’s economy and the cost of borrowing.

If your shared ownership property increases in value, then you will benefit from some of that increase. In this article, we explain a little more about house price changes and how these impact shared ownership properties. [Read more…]

How do Shared Ownership Mortgages Work?

By Leave a Comment

If you need a little helping hand getting onto the property ladder, you may be considering making use of the shared ownership scheme. The scheme has been around since the 1970s. Today, the shared ownership market is well established and is really quite strong. Mainstream lenders such as Nationwide, Halifax, Santander and many more all offer shared ownership mortgages, making the scheme more accessible than ever.

So, how do shared ownership mortgages work? In this article, we explain all you need to know about a shared ownership mortgage. [Read more…]

How to Save For a House Deposit

By Leave a Comment

So, you’ve decided to begin planning your first step onto the property ladder. For many, the largest obstacle you will face is saving up enough cash for a house deposit. A house deposit is usually required by most mortgage lenders as your initial contribution towards the cost of your property purchase. For a first time buyer, saving for a house deposit can be particularly difficult – especially if you are currently paying out a large part of your income in rent for your existing accommodation.

Before you begin saving for your house deposit, it’s a good idea to have an idea of roughly how much you’ll need to save and the options available to you if you are struggling to reach this goal. Here is a guide and some tips on how to save for a house deposit. [Read more…]

How to Remortgage Your House

By Leave a Comment

Most homeowners with a mortgage will consider remortgaging at some point – just as you might regularly compare the market to secure the best deal for your car or home insurance.

Remortgaging your house is essentially the process of switching your mortgage from one mortgage deal to another. The new deal that you choose may be with your existing lender, referred to as a ‘product transfer’. Alternatively, it might be a new deal with an entirely different lender.

In most cases, the idea of remortgaging is to shop around and ensure that you have the best mortgage product available to you. But what’s the process and how do you get started? In this article, we will explain how to remortgage your house. [Read more…]

What is the Minimum Deposit on a Mortgage?

By Leave a Comment

One of the first steps after deciding you’d like to purchase a house is to begin saving up for your house deposit. Your deposit is usually the most expensive part of getting a mortgage.

Typically, you need to put down a deposit of at least 5% of a property’s value. With the average UK house price sitting at around £265,000 as of August 2021, the minimum deposit amount that you would need for the average house in the UK is £13,250 – 5% of £265,000.

In this article, we are going to explain a little more about the minimum deposit on a mortgage, how to save for one and what to do if you don’t have one. [Read more…]

Is Shared Ownership a Good Idea For First Time Buyers?

By Leave a Comment

Getting on the property ladder can feel like an enormous feat for a first-time buyer. Often, the biggest obstacle facing first-time buyers is raising a large enough deposit to purchase a property.

Luckily, there is support out there for those that are struggling to overcome this – such as the shared ownership scheme. If you aren’t sure how the shared ownership scheme works or if it is a good idea for first-time buyers, we’re here to explain. [Read more…]

Is There a Minimum Income for Shared Ownership?

By Leave a Comment

Good news – there is no set minimum income requirement for the shared ownership scheme. Each home available under the scheme will have its own valuation. This will determine the minimum income required to both rent and purchase a share of that property.

The shared ownership scheme was introduced to make homeownership more accessible for those who may be struggling to raise a full deposit, or do not have enough income for a full mortgage. In this article, we are going to answer some of the common questions asked. [Read more…]

Can You Get Shared Ownership With Bad Credit?

By Leave a Comment

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?

By Leave a Comment

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

By Leave a Comment

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…]

Mortgage Light Head Office

1 Whittle Court,
Knowlhill,
Milton Keynes,
MK5 8FT

Connect With Us