Shared Ownership in Liverpool

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Mortgage Advice for 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.

 

Utilising this scheme allows you to take out a mortgage on a smaller percentage of a property, with the remaining percentage being owned by the local authority or builder. You’ll generally have to purchase somewhere between a 25-75% share of the property, though in some cases you may be allowed as little as 10%.

 

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 always leasehold, which also means you’ll be paying ground and service charges.

 

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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Popular Scenarios for Shared Ownership in Liverpool

As an open & honest Mortgage Broker in Liverpool, we regularly get questions and enquiries from customers regarding Shared Ownership in Liverpool. This is totally understandable, as it can be quite a complex scheme to wrap your head around!

 

It’s our job to ensure that everything is explained to you simply and effectively, so that you understand how the scheme works. Here are some of the most common FAQs we hear of about Shared Ownership in Liverpool.

 

Do I need a deposit?

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?

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 in Liverpool?

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?

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.

Why Choose us for Shared Ownership Mortgage Advice in Liverpool?

Mortgage Experts – Shared Ownership in Liverpool

We have a rich history of helping home buyers and homeowners in Liverpool. This is no different for those who have looked to obtain a mortgage with a Shared Ownership in Liverpool. During the course of a free mortgage appointment, a dedicated mortgage advisor in Liverpool will go over the workings of the scheme, and help you to determine your eligibility.

Customer Service

We’re proud of the level of service we can provide and our genuine customer reviews are a true reflection of this. Customer service is always at the forefront of what we do here at Liverpoolmoneyman.

 

We work hard to ensure that our customers receive the highest level of customer service we can provide. This can be demonstrated in our appointment availability, offering appointments from early until late at night, 7 days a week.

Book Online – Simple & Easy

Using our online booking system, you will be able to book an appointment at a time that is suitable for your busy schedule, subject to availability. We have mortgage advisors working hard from morning until late, 7 days a week, including weekends and some bank holidays!

1000’s of Deals

Here at Liverpoolmoneyman, we have access to a large variety of high street and specialist lenders. This allows us to tailor our service and find you the most appropriate mortgage deal for your circumstances.

 

Our Mortgage Advisors in Liverpool have a lot of experience in the mortgage world, having done this now for well over 20 years. It is likely we have encountered a situation similar to yours before, so we will be able to use our knowledge to assist you as best as we can. Get in touch and we’ll see how we can help.

What our customers say

Common mortgage
questions

As your Mortgage Broker in Liverpool, our first job is to carry out a Fact Find on you to get a bigger picture of your personal and financial situation, so that we can recommend the most suitable mortgage for you. In order to obtain an Agreement in Principle, you will also need to have a credit check performed on you. Once you have provided all the relevant evidential documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.

Your free mortgage consultation with Liverpoolmoneyman will last around an hour. After your details have been taken, a Mortgage Advisor in Liverpool will then search through thousands of mortgage deals to find a perfect matching deal for you. Once we recommend the deal, you can decide whether to proceed with us or not, it’s completely up to you!

We always recommend that you obtain an Agreement in Principle before you start viewing properties in Liverpool, as they can potentially put you in front of other buyers who don’t have one. Lenders will like the fact that you have prepared before making an offer.

An Agreement in Principle typically remains valid for between 30 and 90 days, but this can change depending on your lender. If your Agreement in Principle expires it can always be refreshed. A Mortgage Broker in Liverpool like us can usually get one sorted for you within 24 hours within your application.

Yes, you can get a second mortgage. You can take out a second mortgage for your current home for things like debt consolidation and home improvements. It is also possible to take out a second mortgage for another property if you want. Usually, this situation comes about when people are interested in a holiday home, are buying for a friend/family member or want a Let to Buy or Buy to Let.

The minimum deposit when buying a house in Liverpool with high street lenders is typically 5%. You will rarely find lenders that will accept a minimum of less than 5%. This minimum can be higher if you have had bad credit in the past.

It is possible but it can be a bit tricky though. When you have had previous credit problems your minimum deposit that is required could rise, we have seen it at 15% before. Having a Specialist Mortgage Broker in Liverpool could really help you get back on track in situations like these.

After you have proven at least one year’s accounts to your lender, you should be able to get a mortgage. Most lenders in Liverpool will use your salary plus dividend to work out your maximum mortgage, however, some can go off your net profit.

If you’re an employee, you will usually have to supply three payslips in order to prove your income. If you are Self Employed in Liverpool its normally the latest 2 years’ accounts. You will also need to produce proof of ID, address and 3 months’ bank statements.

Our free initial mortgage consultation can last up to an hour. As an experienced Mortgage Broker in Liverpool, after we have all of your information we can get you an Agreement in Principle within 24 hours or your phone call. On average, a formal mortgage offer takes about three weeks.

We make it so easy!
Our 4 step process

Get in Touch

Get in touch with our team and we will schedule you in an appointment with your own dedicated mortgage advisor in Liverpool.

Free Mortgage Appointment

Your advisor will speak to you and find out your mortgage needs and what you are looking for. This consultation will take roughly 30-mins.

Your Offer

Once we have your details, it's your turn to find a property and make an offer on it. In the meantime, we'll finalise your figures and help you to get a good deal.

Final Stages

If you are happy with your mortgage product and have agreed terms with housing association/builder, it's time to complete your mortgage process.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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