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The Shared Ownership Scheme allows you to take out a mortgage on a smaller percentage of a property, while the remaining percentage is owned by the local authority or builder. The average you’ll have to purchase is somewhere between 25-75% share of the property, but some lenders may allow going as little as 10%.
Since you’ll own a small percentage of the property, you are required to pay a monthly rental fee to the proprietor of the remaining shares. Since all Shared Ownership homes are classified as leasehold, you are required to pay ground and service charges.
Being a supporting mortgage broker in Lincoln, we can check if you are eligible for a Shared Ownership in Lincoln. If you are unable to meet the criteria for a Shared Ownership you may be better suited for another scheme instead. The folowing requirements for a Shared Ownership are:
If you require open and honest mortgage advice in Lincoln regarding the Shared Ownership Scheme. Book a free mortgage appointment to discuss your options with a trusted mortgage advisors in Lincoln.
Contrary to a common misconception, a deposit is required for Shared Ownership in Lincoln, as with most mortgage types. The deposit is proportionate to the percentage of the property you own. For instance, if you’re buying a 50% share of a £300,000 property, your deposit would be £150,000. A 5% deposit results in a 95% loan-to-value; a higher deposit provides more mortgage options and lowers potential payments.
No, shared ownership does not imply sharing with another person. It refers to a property ownership structure where you share ownership with a housing association and gradually increase your share over time.
Shared Ownership in Lincoln allows you to purchase a percentage of a property, typically between 25% and 75%, and pay rent on the remaining share. As your circumstances improve, you can increase your ownership stake through a process known as “staircasing.”
Securing a Shared Ownership mortgage with bad credit can be challenging, but it’s not impossible. Lenders will assess your credit history, and a mortgage broker can help identify suitable lenders and guide you on improving your creditworthiness.
When seeking a Shared Ownership mortgage in Lincoln, the expertise of mortgage advisors in Lincoln can prove invaluable. They are here to guide you through the entire process, helping you identify the most suitable deals and tailoring options to align with your specific requirements. Our mortgage advisors in Lincoln will provide you with expert mortgage advice in Lincoln, will also provide thorough explanations of the mortgage terms and conditions, ensuring that you secure the most suitable mortgage available to you.
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We reached out to just see where we stood in regards to our borrowing limit and we’ve come out the other end with a mortgage offer and we are going down the route of getting out own home! This never would have been possible without the help of...
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Daniel was very friendly, knowledgeable and explained everything to us in enough detail without being overwhelming. He gave gentle reminders for things that we had forgotten to do and got us a very good deal for our remortgage. Would highly...
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We had a great experience arranging a remortgage with Dinah and Paula. Our situation was a little complicated, but we received very practical advice and they assisted us right through the process. It was all very straightforward in the end. Thank...
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Charlie has been nothing but helpful, answers all questions thrown at him, takes the time to explain what everything means which has been hugely helpful as a first time buyer! It’s been a really quick and smooth process from the rest of the team...
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Anonymous
Jason and Megan were absolutely brilliant! Both helping me through the entire process.
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Hope
Matt & Paula have been so great and efficient in supporting us as first time buyers. Not once did we feel overwhelmed during the process which is great given that we came into this not knowing what to expect. Everything has been quick and efficient,...
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Matt was incredibly honest and helpful throughout the process even though he was aware I was speaking to a variety of advisors at my point of contact. His knowledge, responsiveness, and willingness to discuss options available to me, made him the...
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Matt and Stacey were really helpful in sorting our remortgage out. Matt was quick to get back to us when we had questions and Stacey was always on hand as support
7 months ago
Alexander
Dinah has always been available and communicated any changes or good advice we needed. We really appreciate your support
8 months ago
Emma
Quick, efficient, informative service
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Milly
Charlie Bryson has been fantastic, supporting me as a first-time buyer from getting an agreement in principle to viewing houses and then through to a mortgage offer in just two weeks! It was a pleasant surprise to find a broker who could explain...
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Tori
My mortgage broker was Leo! He’s always been amazing and Iv been dipping in and out for a few years. He really helped me and found the best deals and explain everything I didn’t understand. He was always there on hand and if he had any...
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Had the good fortune of having Louise H handling our mortgage/sale and she was fantastic throughout. Often filling gaps in communication from our solicitor and regularly engaged from start to finish.
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I used Lincolnmoneyman when the Nationwide seriously let me down with their offer of a mortgage. Dan Osman was immediately helpful and explained the system and facilitated the set up of our equity release mortgage. With the help of his assistant...
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Daniel was so helpful, he gave us several options despite the worst time to change mortgages! We highly recommend them.
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Chris and Debbie provided an excellent customer service and their knowledge and expertise in the Specialist lending market was second to none. Both have an easy, friendly manner and they went more than the extra mile to ensure our dream home became...
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During your free appointment, out mortgage advisor in Lincoln will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Lincoln, 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 Mortgage Advisors in Lincoln have a vast knowledge of helping home buyers and homeowners in Lincoln get onto the property ladder. This is no different for those who are looking to get a mortgage with a Shared Ownership in Lincoln. During your free mortgage appointment, a member of our team will explain the scheme to you and help you determine your eligibility.
Here at Lincolnmoneyman, we are proud of the high level of service that we have provided to all new and existing customers, which you can read about in our genuine customer reviews. Customer satisfaction is always at the forefront of what we do here. Our team work hard to provide our customers receive the highest level of customer service. This can be demonstrated in our appointment availability, offering appointments from early until late at night.
Utilising our booking service, you will be able to book a free appointment at a time that is most suitable to work around your time frame, subject to availability. Our Mortgage Advisors in Lincoln workaround from morning until late, 7 days a week, including weekends.
Here at Lincolnmoneyman, we have access to a large panel of high street and specialist lenders. This allows us to tailor our service and find you the most suitable mortgage deal for your circumstances. As a Mortgage Broker in Lincoln, we have a lot of experience in the mortgage world, having done this now for well over 20 years. We have likely encountered a situation similar to yours before, so we can use our knowledge to assist you as best as we can. Please get in touch and we’ll see how we can help.
Yes, you can increase your share of the property through a process called “staircasing.” This allows you to buy additional shares in your home, gradually increasing your ownership percentage. Keep in mind that the process may involve valuation fees and legal costs.
Yes, besides your mortgage and rent payments, there are additional costs associated with Shared Ownership. These may include service charges, ground rent, maintenance fees, and potential fees for the staircasing process. It’s essential to factor in these expenses when budgeting for a Shared Ownership property.
Shared Ownership mortgages are specific to properties built under the Shared Ownership scheme. Not all properties are eligible, and they are usually developed by housing associations or other registered providers. These properties are designed to help individuals with lower incomes onto the property ladder. It’s essential to check the eligibility of the property with the housing association or developer before applying for a Shared Ownership mortgage.
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Lincolnmoneyman.com & Lincolnmoneyman 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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Lincolnmoneyman.com & Lincolnmoneyman 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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