Shared Ownership in Liverpool

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Mortgage advice for those looking at Shared Ownership in Liverpool.

The Help to Buy Shared Ownership Scheme was introduced as a means of helping first-time home buyers, previous homeowners who don’t have the means to purchase a home unassisted, and existing shared homeowners who are looking to move.

The Help to Buy Shared Ownership Scheme was introduced as a means of helping first-time home buyers, previous homeowners who don’t have the means to purchase a home unassisted, and existing shared homeowners who are looking to move.

Because you will only own a percentage of a property, you will also be required to pay a monthly rental fee to the owner of the remaining shares. Shared Ownership homes are always leasehold, which also means you’ll be paying ground and service charges.

Shared Ownership can be a complicated scheme, so it may be advantageous to seek advice from a mortgage advisor in Liverpool who understand the shared ownership process. You can easily schedule a free mortgage appointment through our website by clicking on the ‘Get Started’ button.

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<strong>Shared Ownership</strong> in Liverpool

What are the requirements for Shared Ownership in Liverpool?

Our team will help you to determine your eligibility for a Shared Ownership in Liverpool, before you are able to use it. If you are unable to meet the criteria, you may be better suited for checking out the Help to Buy Equity Loan Scheme.

  • You must be at least 18 years old.
  • Your household annual income cannot be any higher than £80,000.
  • You should not have the ability to afford a home on the open property market.
  • You cannot be in mortgage or rental debt.
  • You must prove that you have a good credit history (this can be done by passing credit checks and affordability assessments).

If you are in the market for additional Shared Ownership mortgage advice in Liverpool, feel free to take a look at our video below or continue down the page to see our Shared Ownership FAQs.

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FAQs for Shared Ownership Mortgages in Liverpool

How does Shared Ownership in Liverpool work?

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Shared Ownership in Liverpool functions by allowing individuals to acquire a percentage of a property, typically ranging from 10% to 75% of its overall market value, while also paying rent for the remaining portion. Through a gradual process called staircasing, you have the opportunity to increase your ownership stake over time by purchasing additional shares of the property.

Can I get a Shared Ownership mortgage in Liverpool with bad credit?

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Although a less-than-perfect credit history might pose challenges when pursuing a Shared Ownership mortgage in Liverpool, it's important to note that such obstacles can be overcome. It might be beneficial to collaborate with a specialized lender who can assess your unique circumstances on an individual basis.

Why use a mortgage broker in Liverpool for a Shared Ownership mortgage?

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If you're in search of a Shared Ownership mortgage in Liverpool, the expertise of mortgage advisors in Liverpool can be immensely valuable. We are here to navigate you through the entire journey, identifying optimal deals and tailoring options to your specific needs. Our knowledgeable team of mortgage advisors in Liverpool will also assist you in fully understanding the terms and conditions of the mortgage, ensuring you secure the most favorable arrangement available.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

During your appointment with the mortgage advisor in Liverpool, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Liverpool, as well as assess your mortgage affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you. We will also assist you in obtaining a mortgage agreement in principle, which can strengthen any new build offers you make.

Submit Your Help to Buy Application

Step 3

Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.

Throughout this process, your dedicated case manager will keep you informed of progress, from mortgage offer to completion and beyond.

Protecting You and Your Mortgage

Step 4

Our service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.

Additionally, we will notify you when your mortgage deal expires to ensure that you are always on the best deal available.

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Popular Scenarios for Shared Ownership in Liverpool

Do I need a deposit?

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A lot of the time we find that customers are under the impression that they will not need to put down a deposit for a Shared Ownership in Liverpool. The truth is though, that you will need to put down a deposit for this mortgage type. Almost every mortgage type will require you to put down a deposit.

With a Shared Ownership in Liverpool, your mortgage will be taken out on the percentage of the property you own. As such, your deposit will directly reflect this. For example, if your property was valued at £300,000 and you wanted to buy a 50% shared, you need to put down a deposit for the £150,000 you would be paying for.

If you put down only 5% deposit, your £150,000 would be on a 95% loan-to-value. If you can afford to put down more, you’ll have access to a wider range of mortgage deals and also lower your potential mortgage payments.

Can I increase my share of the property?

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This type of practice is known as “staircasing”. It is where a homeowner can increase the share they own, at any time.

If you are only in ownership of 25% of the property initially, you will have the option, for example, to purchase a further 25%, should it be affordable in the future.

This will lower the amount of rental costs you will need to pay to the other party, though your mortgage payments will remain unchanged.

Are there any other fees that come with Shared Ownership?

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When taking out a Shared Ownership in Liverpool, you will need to be aware that you’ll be paying both mortgage and rental fees at the same time. In addition to this, you will also have to pay back ground rent and service charges. This is because all Shared Ownership homes are leasehold.

It is worthwhile making sure that you have a property survey taken out too. If there are any issues present with your potential future home, it is important that you know of these in advance. Anything you don’t look at could harm the properties value in a few years time. A dedicated mortgage advisor will advise you on the best survey to take.

Can you take out a Shared Ownership mortgage on any property?

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The Shared Ownership Scheme is only able to be used on selected properties that are owned by housing associations or builders. It is also sometimes the case that a property may have specifically been built with this scheme in mind.

A trusted and dedicated Mortgage Advisor in Liverpool will be able to explain the details of the Shared Ownership Scheme to you. Book your free mortgage appointment today and get started on the process of a Shared Ownership in Liverpool.

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