What is shared ownership?
A shared ownership mortgage is where the applicant purchases a percentage (or a share) of a property rather than taking out a mortgage on the whole property. The remaining share that is not owned is let out by a housing association at an affordable rate.
This allows applicants to get on the housing ladder quicker as a smaller deposit would be required. It can also be ideal for those looking at houses and flats in and around London, where property prices are far above the national average and getting a mortgage on the whole property simply isn’t viable.
We also allow your client to ‘staircase’ – that is, to increase their owned share of the property all the way up to 100%, providing a way into eventual full home ownership.
Sounds like a lot of hassle, right?
Not at all! While a shared ownership case is more complex than a standard mortgage, we make the process as easy as possible. We’ve been in the shared ownership market for many years so you can be assured that your case is in the hands of the experts.
We’re shared ownership champions and have some cracking policy around our products that we hope can offer your clients a flexible and tailored solution to their needs.
Key features of our shared ownership products:
- We lend on New Build houses & flats throughout England and Wales
- Lend up to 95% of the share
- Minimum share 25% and minimum loan £50k
- Staircasing welcomed to 100% where the applicant increases their mortgage borrowing in order to purchase more shares in their property
- No application, completion or CHAPS fees apply to our shared ownership products
For more information, please see our shared ownership products.
