For first time buyers struggling to save a deposit, Shared Ownership is increasingly seen as a practical and flexible alternative with homes now making up 0.4% of English Housing Stock1. Here are five ways we can help your clients with a shared ownership mortgage.
With around 200,000 households in the UK currently living in shared ownership properties2, this part-rent part-buy scheme is assisting many first time buyers onto the property ladder without having to build up a hefty deposit first. In fact, on average, shared ownership purchasors choose to buy between 21-40% of a property, at an average cost of £67,0003.
Here are five ways we can help with your shared ownership clients:
- We’ll lend up to 95% LTV of the share with a maximum loan of £350,000. A minimum LTV of 25% and loan of £50,000 applies.
- Our products feature NO application or completion fees
- We’ll consider new build houses and flats (maximum 5 storeys)
- Applicants can staircase up to 100%, meaning we’ll help them buy additional shares in the property
- Individual underwriting – we’ll assess each case individually, taking personal circumstances into account. There’s no automated decision making here!
Products available for properties throughout England and Wales, for both purchase and remortgage cases.
1 www.cml.org.uk, October 2016
2 www.cml.org.uk, February 2017
3 www.myhomemove.com, February 2017