Shared Ownership Sheffield

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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.

Scheme Requirements

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 shouldn’t have any mortgage or rent arrears
-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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Popular Shared Ownership Scenarios in Sheffield

Shared Ownership is known to be a complicated scheme and is one we find many of our customers enquire about as their knowledgeable Mortgage Broker in Sheffield.

 

Our team aims to make it as straightforward as it can be, providing you with knowledge of every aspect of the scheme. Below shows the most common questions we get when dealing with customers.

Do I need a deposit?

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?

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?

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.

Why Choose us for Shared Ownership Mortgage Advice in Sheffield?

Mortgage Experts – Shared Ownership in Sheffield

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.

Customer Service

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.

Book Online – Simple & Easy

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.

1000’s of Deals

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!

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Common mortgage
questions

Your free mortgage consultation with a Mortgage Advisor in Sheffield will last approximately an hour. Once they have evaluated your situation, they will recommend a mortgage for you with no obligation for you to proceed. Based on the deal, you can decide whether or not you want to continue the process with us or not.

As a trusted Mortgage Broker in Sheffield, we carry out a fact find to verify your needs before recommending you with a mortgage deal. After a Mortgage Advisor in Sheffield has evaluated your situation, they will perform a credit check on you, this is required for an agreement in principle. Then after you have provided all of the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued.

We always advise that you obtain an agreement in principle before you start viewing properties in Sheffield, to avoid disappointment. If you want to get yourselves a head start, you should get one prior to making an offer.

Typically, an agreement in principle lasts for between 30 and 90 days, however, this can change depending on your lender in Sheffield. If your agreement in principle expires, you can renew it quite easily.

Yes, you can get a second mortgage. Whether this is for debt consolidation or home improvements, this is possible. It is also possible to take out a second mortgage on a second property but only if it is own use, the use of a family member, a holiday home or a Buy to Let.

To buy a property in Sheffield, you will need to meet a minimum deposit. Typically, with high street lenders, this is usually 5%. This percentage can be higher if you have previous credit problems.

It will be harder but yes you can. You will have to show that you can afford a mortgage by putting down a higher deposit, perhaps 10% or 15% of the purchase price.

Yes, however, you must submit at least one years’ accounts. Most lenders use your salary + dividend to calculate the maximum mortgage, whereas other lenders in Sheffield could base it of your net profit.

If you are an employee, you will need to provide three payslips to prove your income. If you are Self Employed in Sheffield, you will have to prove for the latest 2 years’ accounts. Along with this, you must produce proof of ID, address and 3 months’ bank statements.

Our free mortgage consultation in Sheffield will take about an hour. Once your consultation is completed, we can arrange an agreement in principle for you within 24 hours. A formal offer takes up to three weeks on average.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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