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The Shared Ownership Scheme offers an opportunity to secure a mortgage for a reduced share of a property, with the local authority or builder retaining ownership of the remaining percentage. Typically, individuals acquire a share ranging from 25-75%, though certain lenders may permit shares as low as 10%.
As a participant in this scheme, a monthly rental fee is mandatory for the remaining share’s proprietor. Given the leasehold classification of Shared Ownership homes, payment of ground and service charges is also a requisite.
As a mortgage broker serving Grimsby, we can evaluate your eligibility for the Shared Ownership scheme. If this doesn’t align with your needs, alternative schemes may be explored. The requirements for Shared Ownership include:
For transparent Shared Ownership mortgage advice in Grimsby, schedule your free mortgage appointment to commence your Shared Ownership journey.
Contrary to common misconceptions, Shared Ownership in Grimsby necessitates a deposit. However, the deposit amount is proportionate to the percentage of the property you intend to own.
For instance, a 50% share of a £300,000 property equates to borrowing £150,000. With a minimum 5% deposit, the total required is £7,500.
Opting for a 5% deposit establishes a 95% loan-to-value ratio, broadening mortgage options and potentially reducing monthly payments.
Shared Ownership doesn’t imply co-ownership with another individual; instead, it involves sharing ownership with a housing association that holds the other share of the property. Over time, you may have the opportunity to increase your stake in the property through a gradual process.
With Shared Ownership in Grimsby, you can secure a portion of a property, typically ranging from 25% to 75%, and pay rent for the remaining share. As your circumstances improve, there’s the option to enhance your ownership through a gradual process known as “staircasing.”
Obtaining a Shared Ownership mortgage with a poor credit history can present challenges. Lenders thoroughly examine your credit history when assessing your Shared Ownership mortgage application to identify any factors that might hinder approval.
As a mortgage broker in Grimsby, we can help in identifying suitable lenders and provide guidance on improving your creditworthiness.
When exploring Shared Ownership mortgages in Grimsby, the support of experienced mortgage advisors is invaluable. We’re here to guide you through the entire process, striving to find the most suitable mortgage deal for your specific needs.
Our mortgage advisors in Grimsby not only provide expert mortgage advice but also scour through thousands of mortgages to secure the best deal for you.
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We were difficult clients because of our circumstances, but you guys smashed it out of the park! Thank you very much, we are eternally grateful Paul and Umu
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Very good fast efficient service everybody was so helpful
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Great service highly recommended
1 month ago
David
The whole process went very smoothly. There was no sense of any pressure being applied at any stage which was appreciated. It was made clear that any future advise sought would be forthcoming as the advisor intended to be there for the duration.
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Chris was our advisor, from start to finish he has been amazing. He got us exactly what we wanted. Explained everything to us and has been quick and patient throughout! Would recommend him to anyone!
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Absolutely lovely team of people! Leo has been really friendly and helpful throughout the process! Would highly recommend.
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11 months ago
Bryn
Couldn’t recommend moneyman enough. Went from thinking we wouldn’t get a mortgage due to being told so by another broker, to getting approved for our dream first house. We dealt with tom and stacey, and both was brilliant. From the initial...
1 year ago
Angela
It is our 1st time getting a mortgage and they where extremely helpful. There was confusion at the the beginning that was there fault but our solicitors and estates agent and they where so helpful they couldn't do enough to help us and reassure us....
1 year ago
Patrick
Very nice and frendly Staff, helped me with anything i need. Thank you Patryk, Patrycja Datkiewicz.
1 year ago
Steven
Tom and Jo were very friendly and helpful throughout the process! They took the stress out of applying for our mortgage and we’re very quick to process everything. Highly recommend :)
1 year ago
Georgia
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...
1 year ago
Kevin
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!
1 year ago
Samantha
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...
1 year ago
Jane
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 ...
2 years ago
Kyle
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.
2 years ago
kenneth
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...
2 years ago
Ewan
Can’t recommend enough, especially if you’re a first time buyer like myself and have no idea what you’re doing. Leo and Laura were great throughout, they were in regular contact and always kept me in the loop with everything. No issue was too...
2 years ago
Your mortgage advisor in Grimsby, during your complimentary mortgage appointment, will meticulously assess your income and expenses to determine your eligibility for a Shared Ownership mortgage in Grimsby. Furthermore, they will evaluate your mortgage affordability, ensuring a thorough understanding of your financial landscape.
Subsequent to your free mortgage consultation, your mortgage advisor in Grimsby will explore thousands of mortgage options to identify the ideal one for your individual and financial circumstances. With access to both high street and specialist mortgage lenders, our panel allows us to search for a tailored deal that suits your needs.
Upon the acceptance of your purchase offer, we expedite the submission of your mortgage application, along with all necessary supporting documents, to the lender. At this point, you will be transitioned to your dedicated case manager, who will guide you through the remainder of the process.
Our commitment extends beyond securing the optimal mortgage deal for you. We also offer recommendations for insurance policies, ensuring comprehensive protection for you and your loved ones. Contact our team today and embark on your Shared Ownership journey.
Our mortgage advisors in Grimsby boast extensive expertise in guiding both home buyers and existing homeowners through the process of securing their first property, a service that extends to those seeking a Shared Ownership mortgage in Grimsby. In your free mortgage appointment, a member of our team will provide insights into the intricacies of the scheme and help in evaluating your eligibility.
At Grimsbymoneyman, we take pride in delivering an exceptional level of service to both our new and loyal customers, as reflected in the genuine customer reviews on our platform. Our dedicated team consistently goes the extra mile, ensuring our customers experience top-notch service. This commitment is evident in our flexible appointment scheduling, offering availability from early morning until late at night.
Through our online booking service, you can conveniently schedule your free appointment at a time that suits your schedule, based on availability. As your mortgage broker in Grimsby, we stand ready to help you from early morning until late, seven days a week, including weekends.
We can efficiently search through thousands of mortgages on your behalf, ensuring that you secure the best deal available for your current circumstances. With access to both high street and specialist mortgage products, we tailor our search to find the most suitable options for you.
Certainly, you have the option to increase your ownership stake in the property through a process known as “staircasing.”
This allows you to purchase additional shares in your home, progressively enhancing your ownership percentage. It’s important to note that this process may involve valuation fees and legal costs.
Indeed, in addition to your mortgage and rent payments, Shared Ownership in Grimsby entails additional costs.
These may include service charges, ground rent, maintenance fees, and potential charges related to the staircasing process.
It’s important to consider these expenses when planning your budget for a Shared Ownership property.
Shared Ownership mortgages are tailored for properties constructed under the Shared Ownership scheme.
Eligibility is not universal, and typically, these properties are developed by housing associations or registered providers.
They serve the purpose of helping individuals with lower incomes in entering the property market.
Before applying for a Shared Ownership mortgage, it’s important to verify the property’s eligibility with the housing association or developer.
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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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