Shared ownership mortgages

Looking for a shared ownership mortgage. Many first time buyer mortgages are for a shared ownership mortgage which suits their needs?  Every one wants a cheap shared ownership mortgage deal at the best rates available.

Shared ownership mortgages are usually arranged on a 100% mortgage, 50% or 25% part rent part buy basis. For many people across the country this can be the only way to get a foot onto the housing ladder they are very popular with first time buyers.

When you buy a shared ownership property, you only buy a percentage stake in the property, usually 25 to 50 per cent – from a housing association. Although this can be affordable, as you only own a percentage of the property you will miss out on some of the equity growth if the housing market starts to rises again. You can, however, staircase which means buying another portion of the property later on. Many lenders insist that this option must be available.

Cheap shared ownership mortgage rates enable a borrower the following benefits, Low interest rates, easy repayment options. Remortgage loans replace the existing shared ownership mortgage with a new one from either the same lender or a new lending company. It helps to reduce monthly payments and release home equity. Competitive shared ownership mortgage deals help individuals become financially stable.

Getting a cheap shared ownership mortgage could be a way of reducing your monthly outgoings for other expenses.  Many lenders are now offering more competitive interest rates to attract new business, ask your broker to source different deals from different lenders to compare which is the cheapest shared ownership deals

Once you have registered for with an affordable housing company you will be assessed for eligibility. If you are accepted remember to enquire what the rent will be for the share you will be renting as your broker will need to know when applying to a lender for a decision in principle.