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.
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.
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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.