Shared Ownership

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How Shared Ownership Works

Why Have a Shared Ownership Mortgage?

How to Qualify for The Shared Ownership Scheme

How Can Friends Capital Help?

Shared Ownership

Shared ownership products are a cross between buying and renting – aimed mainly at first-time buyers. You own a share and then rent the part you don’t own at a reduced rate. 

Friends Capital have existing relationships with lenders and are experts in advising on shared ownership mortgages. We can help you find the best possible mortgage deal. We will review your personal circumstances and then search the entire market to ensure you get the best mortgage rates possible. We will then deal with all the paperwork, submit your mortgage application, liaise with your mortgage lender and solicitor, and ensure that your mortgage application is completed as quickly as possible. We can: 

  • Save you money on your mortgage deal 
  • Offer a free consultation 
  • Offer unbiased financial advice 
  • Save you time in your mortgage application 
  • Give you a dedicated account manager who is available to you through the process 

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How Shared Ownership Works

With shared ownership, you buy between a quarter and three-quarters of a property. You may have the option to buy a bigger share in the property at a later date. You pay a reduced rent on the property, and your monthly mortgage rates. These costs tend to be cheaper than private renting.

Most of the homes available are newly built, but some are properties being re-sold by housing associations.

All shared ownership homes in England are offered on a leasehold only basis.

Why Have a Shared Ownership Mortgage?

Shared ownership schemes are aimed at people who don’t earn enough to buy a home outright. Shared ownership gives buyers the opportunity to purchase a share in a new build or resales property.

You find a home with a Shared Ownership purchase option and you buy either a mortgage a share (usually from 25% to 75%) making it affordable. You pay rent on the remaining bit. When you’re able to do so, you can buy more shares (called Staircasing) eventually leading to outright home ownership. So, you get the home that you want, for a price you can afford, through a repayment that’s achievable. 

Shared Ownership costs are usually lower than other housing options for a number of reasons:

  • In some cases, the rent element is less than the market rate charged when private renting as some shared ownership firms subsidises rental payments. 
  • You can start with a little as 25% share in many cases.
  • Your deposit will be 5-10% of the price of the share, not of the full market value of the whole property.
  • Stamp Duty Land Tax (SDLT or simply ‘stamp duty’) can generally be deferred until your share reaches 80%.

How to Qualify For The Shared Ownership Scheme

To qualify for Shared Ownership, you must:

  • Be 18 or over
  • Earn no more than £80,000 income a year (or £90,000 if you’re in London)
  • Don’t own a home already
  • Not be in the process of selling a home
  • Be able to show you can afford to maintain the costs of owning your own home
  • Be a British or EU/EEA citizen or have indefinite leave to remain

How Can Friends Capital Help?

Friends Capital have pre-existing relationships with shared ownership lenders. We can search the entire market and get access to the best and most exclusive deals available. Then we will choose the deal that are most appropriate to your personal circumstance. We can:

  • Find you a lender that specialises in shared ownership mortgages
  • Find you a deal appropriate to your personal circumstance
  • Offer unbiased financial advice on your situation
  • Give advice on what mortgage lenders will require, including giving you advice on an exit strategy for the mortgage end
  • Give you a no obligation mortgage quote
  • Deal with all the paper work, liaise with the lenders and solicitors. We will also make sure the application goes through as quickly as possible

Two Steps to Contacting Friends Capital 

Step 1 

Either call us, email us , book an appointment online or request a call back below.

Step 2 

One of our friendly advisors will either call you back within 24 hours (usually the same working day), or will take details from you in order to best deal with your situation. 

When you speak with us, we will take a ‘fact find’. At this stage we take basic details about your situation. We will then search the whole of the market and find you the best deal available. 

If you are happy with the deal that we offer, we will then contact the lender for you and get you what is called a ‘decision in principal’. 

If you’re happy with the decision in principal then we will secure this deal for you and deal with the application for you on your behalf. 

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We aim to get the lowest mortgage rates on the market

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