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The shared ownership scheme is an excellent opportunity for first-time buyers and home movers in Grimsby looking to step onto the property ladder without needing to purchase or secure a mortgage for the full property value.
This scheme, introduced by the government, allows you to buy a percentage of the property, typically between 25% and 75%, although in some cases, it may be as low as 10%.
You will then pay rent on the remaining share of the home.
The rent you pay goes to a housing association or builder in Grimsby, who holds the remaining ownership share.
Your agreement should include the option to purchase additional shares later on, a process known as staircasing, enabling you to eventually own 100% of the property.
Staircasing is entirely optional, and the value of your home, along with any changes in the property market, can influence your mortgage.
A mortgage advisor in Grimsby can help explain this process in detail and explore your options, such as further advances to help with staircasing.
If you’re considering a shared ownership mortgage in Grimsby, there are a few key criteria to keep in mind.
First, you must be over the age of 18 to qualify. Additionally, your annual household income must not exceed £80,000.
The scheme is designed for those who cannot afford the full deposit or mortgage payments for a property in Grimsby.
This means that although you will need a deposit, it will only apply to the percentage of the property you are purchasing.
For example, if you’re buying 50% of a property, you’ll only need 5% of that amount as a deposit, not the full value of the home.
Eligible applicants include first-time buyers in Grimsby, former homeowners who can no longer afford a new property, individuals forming a new household, and those who currently own a shared ownership property and are looking to move.
If you’re unsure whether you meet the criteria, your mortgage broker in Grimsby will review everything during your free mortgage appointment and guide you through the process.
If you currently own a property in Grimsby, you must have already sold your home, subject to contract (STC), before completing on a new shared ownership property.
This means you’ll need an accepted offer for your home and a memorandum of sale, confirming the agreed price and the intention to sell.
If you’re over 55, shared ownership may still be an option, as there are mortgage products available for older buyers.
Additionally, shared ownership in Grimsby can be used to meet long-term disability needs, such as purchasing a ground-floor home.
For members of the armed forces, current or former, there is priority access to shared ownership properties in Grimsby.
The exact percentage of the property you can purchase will depend on your financial situation and the terms set by the housing association or builder in Grimsby.
Typically, you will be able to buy between 25% and 75% of the property, though some schemes may allow purchases as low as 10%.
For example, if you’re looking to buy 50% of a property valued at £100,000, you would need a deposit of 5% of that amount, £2,500.
You will have the opportunity to purchase more shares later, but this must be clearly outlined in your agreement.
If there are any uncertainties, your mortgage advisor in Grimsby can help clarify everything.
When you take out a shared ownership mortgage in Grimsby, you are sharing ownership with a housing association or builder.
This means you’re only responsible for the mortgage on the percentage you own, while the rest remains with the other party.
That said, you can take out a shared ownership mortgage with someone else, such as a partner or friend, without restrictions on joint mortgages.
If you wish to sell a shared ownership home in Grimsby, the process can be a bit complex.
Typically, you will need to own 100% of the property to sell it outright.
If you don’t yet own the full share, you will need to notify the housing association or builder, as they have first refusal.
This means they can choose to buy it back or find a buyer. If they don’t act within a set timeframe, you can then list the property on the open market.
The type of lease you hold may also impact the sale.
In some cases, such as properties with a “designated protected area – mandatory buyback” lease, the landlord will be the one responsible for purchasing the property back or finding a buyer.
Along with your mortgage payments on the percentage you own, and rent on the remaining share, there may be additional costs associated with shared ownership in Grimsby.
These can include service charges, maintenance fees, and possibly ground rent, depending on the terms set by your landlord.
Your service charges may vary annually based on factors like property maintenance or communal area cleaning.
The housing association should provide you with audited accounts, detailing any changes in these fees.
Standard living expenses, such as utility bills, contents insurance, and council tax, remain your responsibility.
Solicitors’ fees may also apply, and it’s best to go over these details with your mortgage advisor in Grimsby.
If you want to make significant changes to your shared ownership property in Grimsby, you’ll likely need permission from your landlord.
Major renovations can increase the value of the property, which may affect future staircasing or mortgage terms.
Remortgaging a shared ownership home in Grimsby can be complex.
It may allow you to secure a better interest rate on the shares you already own or even buy additional shares.
Speaking with a mortgage broker in Grimsby is highly recommended to ensure the process goes smoothly.
If you’re having trouble keeping up with mortgage payments, rent, or service charges on your shared ownership home in Grimsby, it’s essential to contact your lender or landlord as soon as possible.
They may be able to offer solutions, such as payment plans. Missing payments can lead to debt, and eventually, repossession, which both parties would prefer to avoid.
In most cases, you will have the right to extend the lease on your shared ownership home in Grimsby.
It’s generally more affordable to do this before the lease drops below 80 years, as costs increase after this point.
While securing a mortgage with bad credit can be difficult, it’s not impossible under shared ownership in Grimsby.
You may need a larger deposit and interest rates could be higher, but solutions like purchasing a smaller share or using a gifted deposit might help.
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Tom & Jo did a fabulous job at helping us get our first mortgage, we weren’t sure whether we would qualify for a mortgage given that I had only been self employed for two years and had been turned down by other lenders. Both Tom & Chloe kept us up...
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Extreamly satisfied with the service. Ryan made us feel comfortable from the start, which made the whole process a little less daunting. Lyndsey was fab and answered any questions we had. Will be recommending to all in future!
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Huge huge huge Thankyou to Matt and Louise for securing me a mortgage on my first home. I never thought I’d be able to get a mortgage given a few issues with my credit rating but they worked tirelessly with different mortgage companies to ensure...
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Excellent service and advice, made the process of securing a mortgage stress free and quick. Joe Dewsbury my mortgage advisor could not have been more helpful and Kayleigh Stewart my case manager was friendly, easy to comunicate with, quick and ...
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Very happy with the service provided by everyone on the team and the speed in which they got things mooving. Was always available when you was needed and made it hassle free for me, thankyou again and all the best. Kind regards, Kyle Thain.
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Matt Collinson and his team lead us through this process with effortless ease. Communication was always clear and we were kept up to date at each stage of the process. The team are polite and professional and nothing is to much trouble. We highly...
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When looking at shared ownership in Grimsby, your mortgage advisor will assess your income and outgoings to determine if you are eligible. They will check whether shared ownership is the most suitable option for your situation by reviewing your mortgage affordability. This process ensures you’re not overextending yourself financially and that the property is within your budget.
Your mortgage advisor in Grimsby will search through a range of mortgage products from high street and specialist lenders to find the best option that matches your personal circumstances. The goal is to ensure that your mortgage payments are manageable while securing a deal that suits your financial situation, whether you're a first-time buyer or a home mover in Grimsby.
Once an offer on a property has been accepted, your mortgage advisor in Grimsby will handle the submission of your mortgage application, including all the necessary documentation. By managing this process on your behalf, they aim to make your experience smoother and help you navigate the complexities of mortgage applications.
Beyond finding the best mortgage deal for you, your advisor in Grimsby will also recommend relevant insurance policies to protect you and your family. From life insurance to critical illness cover, these recommendations ensure that you have peace of mind, knowing that your loved ones will be financially secure if the unexpected happens.
Our mortgage advisors in Grimsby are highly experienced in helping both first-time buyers and current homeowners secure a shared ownership mortgage. With a deep understanding of the market and local knowledge, they’ll guide you through the entire process, making homeownership more accessible.
At the heart of what we do is customer satisfaction. We are proud of the service we offer to both new and existing customers, and our positive reviews reflect the trust we’ve built. Ensuring our customers feel supported throughout their home-buying journey is what drives us every day.
We understand that life can be busy, which is why our mortgage advisors in Grimsby offer flexible appointment times, including evenings and weekends. This allows you to arrange a time that fits around your schedule, ensuring you receive advice at a time that works best for you.
Our connections with both high street and specialist lenders enable us to provide a tailored service, finding the most suitable mortgage deals for your needs. Whether you’re after a shared ownership mortgage or exploring other options, we’re here to help you find the right solution in Grimsby.
If you’re a first-time buyer or a key worker such as a teacher or nurse, the First Homes Scheme could be a great option for you in Grimsby.
This scheme applies to newly built homes, offering a significant discount on the market price, typically starting at 30% and sometimes going as high as 50%.
The purpose is to make homeownership more affordable, while also ensuring that the property remains accessible for future buyers.
The availability of homes under this scheme will depend on your local area, and options may be limited.
Your mortgage advisor in Grimsby can help you explore whether this is a suitable option for your circumstances.
A Lifetime ISA (LISA) can be a useful savings tool for those aged 18-39 looking to purchase their first home or save for retirement.
You can contribute up to £4,000 per year, and the government will top up your savings by 25%, up to £1,000 annually.
This money can be used to purchase a home valued up to £450,000, as long as your LISA account has been open for at least 12 months.
It’s important to keep in mind that early withdrawals may incur penalties, so make sure you’re ready to use these funds for your property purchase before tapping into the savings.
If you’ve been renting from the council or a housing association in Grimsby, the Right to Buy scheme might help you transition into homeownership.
This scheme offers long-term tenants the opportunity to purchase their rented property at a discounted price, which can significantly reduce or even eliminate the need for a deposit.
The size of the discount you receive will depend on how long you’ve been a tenant, with the potential for significant savings.
Keep in mind, however, that if you sell the property within five years of buying it, you may need to repay some or all of the discount.
For those who are struggling to save for a deposit, but can manage monthly mortgage payments, many lenders offer 95% mortgages.
This means you only need to put down a 5% deposit, making it easier for first-time buyers in Grimsby to get onto the property ladder.
These types of mortgages are supported by the government as part of an effort to make homeownership more accessible.
If you’re looking to buy a home in Grimsby but don’t have a high enough income to borrow the full amount, a joint borrower, sole proprietor mortgage might be an option.
This allows a family member or friend to join the mortgage as a borrower, but without being listed on the property deeds.
This means their income is taken into account when assessing affordability, potentially enabling them to qualify for a larger mortgage.
Since the supporting borrower isn’t on the deeds, this arrangement treats you as a sole buyer for Stamp Duty purposes.
It’s recommended to speak to a tax advisor to fully understand the implications of this arrangement.
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Grimsbymoneyman.com & Grimsbymoneyman 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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Grimsbymoneyman.com & Grimsbymoneyman 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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