Searching for the ideal mortgage can be a daunting experience. As an independent broker our service is impartial helping you find the perfect mortgage that suits your needs
How do shared ownership mortgages work?
The shared ownership mortgage scheme works by property buyers 'sharing' the ownership of the property. On the initial purchase you will typically buy 25/50/75% of the total property value. The remaining 75/50/25% of the property is owned jointly, usually with a housing association. They charge you a 'rent' for the section you do not own.
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What are the benefits of a shared ownership mortgage?
The main benefit of getting a shared ownership mortgage is that you get a foothold on the housing ladder and benefit from the increase to the value of your 'share'.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Also these schemes are unique in that you can 'staircase' up your ownership of the property; meaning you have the ability to buy additional sections of the property at a later date. Therefore you can start off by buying 50% of the property initially, then in 2 years buy another 25% and finally the last 25% so you own the entire property. This saves you the cost of having to 'size up' during your working life. As you increase your ownership of the property your rent decreases to reflect the increased ownership.
How can DWM Mortgages help with Shared Ownership mortgages?
Conditions vary from scheme to scheme so make sure you are happy with the terms you sign up to at the start. We can help you with this.
As shared-ownership is a niche mortgage sector not all mortgage lenders are willing to lend on these developments. As DWM Mortgages is an independent brokerage we can find the best lender for you by sourcing the entire market place.