Shared Ownership Mortgage Advisor Bristol

Explore Mortgages for Shared Ownership

We’re here to guide you through your shared ownership purchase! As your experienced broker, we’ll explore our network of lenders to find the right mortgage options for your situation. Let’s make the process smooth and easy, so you can focus on enjoying your new home.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

No Deposit Mortgage

100% up to 100% mortgage without a deposit

Exclusive Lender Rates

Rates – exclusive rates which selected lenders

Products Available

12,000 – roughly 12,000 products available

The Road To Ownership

Exploring Shared Ownership: Your Path to Homeownership

Are you dreaming of owning your own home but finding the property market daunting? Shared ownership could be the solution you’ve been looking for. This innovative approach to homeownership allows you to purchase a share of a property while paying rent on the remaining share. In this article, we will explore what shared ownership is, who it’s for, and the typical eligibility criteria you need to meet.

What is Shared Ownership?

Shared ownership is a government-backed scheme designed to help individuals and families get onto the property ladder, particularly those who may struggle to afford a home outright. With shared ownership, you buy a share of a property (usually between 25% and 75%) and pay rent on the portion that you don’t own. Over time, you have the option to buy additional shares, a process known as “staircasing,” which allows you to eventually own the property outright.

Who is Shared Ownership For?

Shared ownership is aimed at various groups, including first-time buyers, those who have previously owned a home but cannot afford to buy again, and individuals with a household income below a certain threshold. It’s an excellent option for those looking for a more affordable way to enter the housing market without the hefty deposit typically required for full home ownership.

Eligibility Criteria for Shared Ownership

To qualify for a shared ownership scheme, you typically need to meet certain eligibility criteria, which can vary slightly depending on the housing association or developer. Here are the common requirements:

Income Threshold:

Most schemes require that your household income does not exceed £80,000 per year (£90,000 in London). This limit ensures that the scheme assists those who truly need financial support in purchasing a home.

First-Time Buyer Status:

Generally, shared ownership is aimed at first-time buyers. However, individuals who have previously owned a home but cannot afford to buy again may also qualify.

Affordability Assessment:

You will need to undergo an affordability assessment to determine how much you can afford to pay for a share of the property and the associated rent. Lenders will consider your income, existing debts, and monthly expenses during this process.

Property Type:

Shared ownership is typically available for new-build properties, but some schemes may also include existing homes. It’s essential to check with the specific housing association to understand the options available.

Local Connection:

Some housing associations may require a local connection to the area where you want to purchase a property. This means you may need to live or work in the local vicinity to qualify.

The Shared Ownership Process

The shared ownership process typically involves the following steps:

1.) Find a Suitable Property:

Start by researching housing associations and developers offering shared ownership properties in your desired area.

2.) Apply for a Shared Ownership Scheme:

Once you’ve identified a property, you’ll need to submit an application to the housing association. They will assess your eligibility based on the criteria mentioned above.

3.) Secure a Mortgage:

After receiving approval, you will need to secure a mortgage for the share of the property you wish to purchase. It’s advisable to seek advice from a mortgage broker to find the right deal for your circumstances.

4.) Complete the Purchase:

Once your mortgage is in place, you can proceed to complete the purchase, which will involve legal processes similar to a traditional home purchase.

5.) Move In and Enjoy Your New Home:

After completing the purchase, you can move into your new home and begin your journey as a homeowner!

The 4 Steps To Home Ownership

Initial Consultation

We’ll get to know your goals and financial situation to find the best mortgage options for you.

Custom Fit Mortgage Plans

Tailored solutions to fit your needs, whether you’re buying your first home or remortgaging.

Personalised Guideance

We’ll guide you through the process, handling paperwork and offering clear advice.

A New Beginning

With your mortgage approved, you’re ready to start your journey to home ownership!

Why us

we have a solution for everyone

For First Time Buyers

Buy-To-Let Mortgages

Moving Home Mortgages

We help you through the process and to secure you the right deal.

Re-mortgage Advice

Find the rate for your next mortgage application.

Shared Ownership Mortgages

If you are unable to purchase 100% of a home, get a shared ownership in Bristol.

Niche Mortgages

Our experienced mortgage advisors can help if you’re new to the industry.

Testimonals

What Our Clients Say About Us

Our clients’ testimonials reflect our commitment to providing exceptional service and personalised solutions.

Francesca Toft

Every team member at Mortgaged have been an absolute pleasure to deal with and have helped me and my partner an incredible amount during this whole process! We would 100% recommend Dan and his team to anyone looking for a trustworthy, experienced and reliable mortgage company. Thanks very much!

Jordaine Minchin

Dan has been amazing from start to finish in one of the most stressful purchases! He offered support, advice and recommendations, and after seeing our credit report helped us clear a couple of issues we didn’t notice previously also. After my buyer pulled out, Dan worked some kind of magic to find us a BTL mortgage and increase our onward purchase mortgage - all within about 2 days so we didn’t lose the house! Dans been great liaising with our estate agents and keeping us in loop - all whilst keeping my anxiety in mind and only coming back to me with good news and solutions. Would highly recommend Dan for a really personalised service. Really felt like he had my back the whole time and was as invested in the purchase as we were. We also spoke with Gemma to discuss life insurance. She also took a real interest in us and helped us find the best possible solutions within our agreed budget. She wasn’t pushy, and offered support and guidance, even filling in lots of the long-winded paperwork on her side so that we didn’t have that stress. Again, Gemma was great help in getting an extra product/offer for the newly needed BTL mortgage. Would definitely recommend Gemma to help you get the best cover for your money.

Mel Pradalie

I would highly recommend The Mortgaged, they are brilliant. Dan was extremely knowledgeable and provided guidance every step of the way. We had a very stressful experience when our sale fell through, Dan went above and beyond with his support and guidance, we were able finally get into a house 2 months after putting an offer in, just in time for Christmas!! Gemma was also very knowledgeable and took the time to get to know us in order to provide cover that would best suit our needs. She was there to answer any questions we had and was very quick to respond. I can’t recommend them enough! I look forward to speaking with them again when we come to remortgage in a few years!

Dave Cox

I worked with Dan on two concurrent mortgages in quite a tricky set of circumstances. Throughout, Dan showed himself to be a true expert in his field. On top of that, he was calm, a pleasure to speak with and always went the extra mile.

Candice Sullivan

Dan is the man. The mortgage man. He is our guy for all things mortgage related. And although we know he isn't just our guy, we share him with many other happy clients, he really did make us feel like renewing our mortgage was his top priority. We tested his patience with many nervous questions by phone and email when we didn't understand the process and he was quick to put us at ease with his knowledgable email responses and returned calls. His friendly calls and professional emails made us feel like he was always there for us when we needed him. Gemma guided us through switching to a life insurance provider which better suited our lifestyles and needs. She asked all the right questions to get to know us better and then put together easy to understand options for us to choose from. She too was friendly and professional, an absolute delight throughout the whole process. Trusting Dan & Gemma from The Mortgaged with our original mortgage then and our mortgage renewal and life insurance now is what we do for peace of mind and we can't recommend them enough. Thank you for all your support Dan and Gemma, we really appreciate you both! Justin and Candice Sullivan x

Rachael Lee

I can’t recommend Gemma highly enough. She’s friendly, patient, and her professional guidance has been exceptional. With my husband working offshore, we thought we’d struggle to find suitable cover without it costing a fortune. The world of insurance and mortgage protection usually gives us a headache, but Gemma took all the stress away. She talked us through every option and found the best cover to suit our personal circumstances.

Chris Wilson

These guys helped me get a mortgage during the most stressful time of my life. They were not only incredibly professional and efficient they were also amazing humans who i felt understood how stressful getting a mortgage can be and were always there with support. I could not recommend these guys are higher.

Richard Annerson

Excellent service from start to finish. Nothing was ever too much trouble and helped me find a mortgage solution that was right for me and my family 🙂 thank you

Emma T

The Mortaged made buying our first home a breeze! Dan was amazing in supporting us through the mortgage process, and finding us the best deal (not just once, but twice - that’s how long the sale took!). My partner was using the Forces Help to Buy scheme which isn’t particularly well known, but Dan’s knowledge of this was great, often informing other parties in the process of how it works. Nothing was ever too much trouble and Dan truly went above and beyond! Gemma was great in finding us the right protection by taking time to get to know us and understand our needs. It’s not easy to plan for when the worst might happen, but Gemma discussed this sensitively and now our minds are at ease knowing we have the right protection. A huge thank you to Dan and Gemma for all their help, couldn’t recommend the Mortaged enough, 11/10 service!

Mutari Salihu

Dan is an Excellent Mortgage Advisor

FAQs

Frequently Asked Questions

Shared ownership is a government-backed scheme that allows you to buy a share of a property (usually between 25% and 75%) and pay rent on the remaining share. This makes it a more affordable way to get onto the property ladder, especially for first-time buyers.

To qualify for shared ownership, you typically need to be a first-time buyer, have a household income of less than £80,000 (£90,000 in London), and be unable to buy a home on the open market. Each housing association may have specific criteria, so it’s essential to check their requirements.

In addition to your mortgage on the share you purchase, you’ll also pay rent on the remaining share and service charges for maintenance and management of the property. Be sure to budget for these ongoing costs when considering shared ownership.

Yes, you can purchase additional shares in your shared ownership property in a process known as “staircasing.” This allows you to gradually increase your ownership stake and reduce the amount of rent you pay, eventually allowing you to own the property outright if you choose.

The main advantages of shared ownership include lower upfront costs and the opportunity to get onto the property ladder. However, potential downsides include ongoing rent payments, limitations on selling your share, and the possibility of service charges that can increase over time.

To apply for shared ownership, start by contacting a housing association in your desired area. They’ll guide you through the application process, which usually involves an assessment of your finances and eligibility for the scheme.