Shared Ownership in Sheffield

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Mortgage advice for those looking at Shared Ownership in Sheffield.

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.

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<strong>Shared Ownership</strong> in Sheffield

What are the requirements for Shared Ownership in Sheffield?

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:

  • The minimum age you need to be is 18 years old.
  • You need to have an annual household income of at least £80,000.
  • -You aren’t able to afford a home on the open market.
  • You cannot be in mortgage or rental debt.
  • You are required to provide evidence of good credit history to pass the credit checks and affordability assessments.

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.

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FAQs for Shared Ownership Mortgages in Sheffield

How does Shared Ownership in Sheffield work?

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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.

Can I get a Shared Ownership mortgage in Sheffield with bad credit?

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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.

Why use a mortgage broker in Sheffield for a Shared Ownership mortgage?

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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. Our open and honest mortgage broker in Sheffield will also assist you in fully understanding the terms and conditions of the mortgage, ensuring you secure the most favorable arrangement available.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you.

Submit Your Help to Buy Application

Step 3

Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.

Protecting You and Your Mortgage

Step 4

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.

Shared Ownership Mortgages in Sheffield

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
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Pepper Money
Mortgage Works
Coventry Building Society
Natwest Mortgage Advice
Newcastle Building Society
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Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Popular Scenarios for Shared Ownership in Sheffield

Do I need a deposit?

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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.

Are there any other fees that come with Shared Ownership?

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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.

Can you take out a Shared Ownership mortgage on any property?

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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.

Mortgage Guides & 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.

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