Shared Ownership Mortgages

Shared Ownership Mortgages

Compare Latest UK Mortgage Deals For First Time Buyers

There are no tables for this criteria

There are no tables for this criteria

There are no tables for this criteria

There are no tables for this criteria

There are no tables for this criteria

Type
Offset Flexible
Initial Term
Life of Mortgage
Initial Interest Rate
4.25%
Variable
Max LTV
80%
Product Fee
Yes
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Early redemption charges may apply. Overall Cost for Comparison 4.40% APRC. This is the cost of the mortgage over the full term.

There are no tables for this criteria

There are no tables for this criteria

There are no tables for this criteria

There are no tables for this criteria

Compare Shared Ownership Mortgages

With a shared ownership mortgage you can have a smaller mortgage which means that your initial deposit could be smaller to.

Buying a share of a home

3 key facts are;

  • The property will need to be a new build bought through a housing association – you buy between 25% to 75% of the property.
  • You take out a mortgage for your share e.g. if the house costs £200,000 and you buy 75% of it, your mortgage will be based on £150,000. A 5% deposit would require you to put down £7,500 with the balance funded by a mortgage lender of £142,500. You will need to prove to a lender you can afford the repayments on  the mortgage.
  • You can buy a larger share of the property at a later date based on the value of the property at that time.

You will repay your part of the mortgage while also paying rent on the other percentage of the property owned by the housing association. Shared ownership mortgages can be valuable to those home buyers who cannot afford to buy properties outright, such as first time buyers who are trying to get a step onto the housing market.

However, just because you are only borrowing a % of the property’s value does not mean that you will not have to pay a deposit, as lenders will still require one. Use the tables above to compare the latest shared ownership mortgage offers.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE