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Shared Ownership was launched to provide support to applicants who are struggling to afford a full mortgage. The scheme lets you purchase a percentage of a mortgage ranging from 25%-75% or even 10% of the property.
You will be required to pay rent to the Housing Association/Builder because you have only taken out a percentage of the mortgage. This way, you are paying back the remaining percentage of the property. If you want to speak to a Shared Ownership mortgage advisor in Sheffield, feel free to book a free appointment and find out more.
Firstly, we will need to make sure that you are qualified for the scheme before accessing it. If you don’t meet the requirements of the scheme, we recommend looking at other options like the Help to Buy Equity Loan. Below shows some of the requirements:
Check out the video below if you are wanting more information on Shared Ownership mortgage advice in Sheffield as well as looking at our Shared Ownership FAQs further down the page.
If you’re in search of a Shared Ownership mortgage in Sheffield, the expertise of mortgage advisors in Sheffield can be immensely valuable. We are here to navigate you through the entire journey, identifying optimal deals and tailoring options to your specific needs.
As your open and honest mortgage broker in Sheffield, we will also assist you in fully understanding the terms and conditions of the mortgage, trying to secure the most favourable arrangement available.
Shared Ownership is a government-backed scheme designed to help people in Sheffield and throughout the UK get onto the property ladder when they may not be able to afford to buy a home outright.
Obtaining a Shared Ownership mortgage in Sheffield with bad credit can be more challenging, but it’s not impossible. Like standard mortgages, your eligibility will depend on the severity of your bad credit and the specific lender’s criteria.
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James
Charlie was brilliant, he kept us informed at every stage. He was even willing to step in and help out when our Estate Agents were applying pressure.
3 days ago
Sarah
We would highly recommend UK/Sheffield money man to anyone! Charlie couldn’t have been more helpful, and as first time buyers he put us at ease throughout the whole process, always going above and beyond for us!! Thanks so much Charlie
3 days ago
Dawn
I definitely recommend this service, they do all the work and so it's a seamless , stress free transition . They give you great advise and discuss all the options available giving you some peace of mind. They search for the best price and nothing...
3 weeks ago
Katharine
Jo, Kerry and Charlie have been brilliant. Very attentive, informative and able to work quickly and effectively when our situation chopped and changed. 10/10 would use again if needs be. Highly recommend.
1 month ago
Anonymous
Helpful and reasonably priced
1 month ago
Amy
Really helpful - took so much stress out of first time buying for us!
2 months ago
David
Excellent service. Thank you so much.
2 months ago
Joe
Sheffield Money man has been fantastic throughout keeping us in the loop throughout and addressing any concerns or questions we had straight away. Dinah has been fantastic and you can tell she really cares about her clients answering questions we...
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I am really happy 😃 with your services
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Louise
Amazing service, guidance and patience throughout the whole process. Thank you, Tom!
3 months ago
Yi
We had a very smooth process with the kind help from Charlie and Meghan, many thanks team!
3 months ago
Robert
So so helpful, they gave great advice and handled the whole process really well. Meg was amazing! I'd also recommend their solicitors they were outstanding
4 months ago
Zareeda
Very good spoke with Jonathan mortgage advisor told me about all my options explaining everything in detail I didn’t understand. I would use them again.
5 months ago
Anonymous
very good professional service
6 months ago
Jack
Jason and Stacey were great, informative, helped us save money and best of all super quick and responsive. Would recommend to anyone looking to buy their first or next house!!
7 months ago
Lucy
I have used Sheffield Moneyman three times, 2 new house purchases and one remortgage. Every time they have been very helpful, great at explaining the ins and outs of each option and are really good at keeping me up to date as the mortgage...
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Mark
Went out of their way to get me the mortgage I needed ,both mar and Paula were fantastic
8 months ago
Derrick
Chris was a fantastic no-nonsense guy. We contacted him a year ago however we changed our minds then, he promised to contact us another year and we were surprised he did. He put us at ease and took him time to go through everything we needed. We...
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Really pleased and happy with the service I've received from moneyman mortgage experts and especially massive thanks to Matt Collinson to be so patient and helpfull throughout the whole mortgage application process. Much appreciated guys!
10 months ago
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Great service. Patiently explained the process and always quick to help and advise. Really recommend Wayne!
10 months ago
During your free appointment with a mortgage advisor in Sheffield, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Sheffield, as well as assess your mortgage affordability.
Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you.
Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.
Our service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.
Our experience in the mortgage industry has allowed us to help a plethora of applicants to start their Shared Ownership journey. Your free appointment with one of our advisors in Sheffield will include a thorough explanation about the scheme and see if you are eligible for the scheme.
We will be by your side throughout the mortgage process with your dedicated Shared Ownership Mortgage Advisor being there to answer any questions you may have.
Our brilliant customer reviews show how important it is for us to provide a 5 star service! Check out the customer reviews we have received to see how others have found our service.
We understand all our customers are different in what they are looking for as well as their lifestyle. This is why we are available at flexible operating hours to fit around you.
This means you can book a free mortgage appointment with a Mortgage Advisor in Sheffield during the evening or on weekends.
Along with this, you can book whenever is best for you online. Our online booking system means you can find a time and date for your free mortgage appointment. We have appointments available 7 days a week.
Booking is easy! Simply follow our ‘Get Started’ process to choose the date and time best for you.
We have connections with a range of lenders all providing different products. This allows us to look at both high street and specialist lenders. Our team can find you the product that is appropriate for your circumstance.
With many years of industry experience under their belt, our Mortgage Advisors in Sheffield have experienced different kinds of mortgage situations. Therefore, don’t hesitate to get in touch if you feel your situation is complicated, it’s very likely we have encountered it before!
Yes, you do need a deposit. This is something applicants believe isn’t required for a Shared Ownership mortgage. Like many mortgage types, it’s very likely you will be required to put a down deposit.
As mentioned, a Shared Ownership mortgage is where you are taking out a mortgage on a percentage of the property, therefore, requiring you to put down a deposit. The deposit can vary based on the property percentage.
For example, if you are looking at a property that is valued at £300,000 and are taking on 50% mortgage share, you will need to put down a deposit of £7,500 of the property. You would be on a 95% loan to value if you put down a 5% deposit on this amount. You will have access to more deals when you put more deposit down and can also lower your monthly payments.
When taking out a Shared Ownership mortgage, you will have to allow for mortgage costs and your rent costs. The costs will be set out as a regular monthly cost, just like other mortgage payments. Along with this, you will be paying background rent and service charges because all Shared Ownership homes will be leasehold.
As well as this, you may want to look at getting a property survey carried out. This is helpful as it can flag up any problems with the property which could potentially decrease the property’s overall value.
There are only a number of selected properties that are available through the Shared Ownership mortgage. The types of properties include new build properties, a property that is already under shared ownership and is being resold and homes that meets specialist needs like a ground floor flat for someone with a long-term disability.
These details will be explained by your dedicated Mortgage Advisor in Sheffield. All our new/existing customers are offered a free mortgage appointment so book yourself in to begin the Shared Ownership process.
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Sheffieldmoneyman.com & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Sheffieldmoneyman.com & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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