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A shared ownership mortgage is a scheme designed to help first time buyers in Halifax who may not be able to afford the full price of a home on the open market. This option allows you to purchase a share of a property, typically between 25% and 75%, and pay rent on the remaining share owned by a housing association or developer.
You’ll need a 5% deposit for your mortgage, it’s 5% of the share you are buying and not the total value of the property.
Getting a shared ownership mortgage can be more difficult than a regular mortgage due to the increased administration that is involved with the scheme. It’s always good to have a mortgage professional by your side.
A shared ownership mortgage broker in Halifax will help you compare deals to recommend the best one for your personal situation.
Shared ownership isn’t for everyone, your mortgage advisor will help you understand both the pros and cons of the scheme.
Our shared ownership mortgage brokers will help you compare 1,000s of mortgage deals available for your specific requirements.
Shared ownership mortgage options include:
To apply for a shared ownership mortgage, you first need to check if you meet the eligibility criteria, such as income thresholds and being a first-time buyer. Next, find a property that offers shared ownership through housing associations or developers. Once you’ve identified a suitable property, you will need to complete an application with the housing association, provide proof of income, and undergo an affordability assessment. If approved, you can then arrange a mortgage for your share of the property
Eligibility for a shared ownership mortgage is generally aimed at first-time buyers, individuals who used to own a home but cannot afford to buy one now, and those with household incomes below a certain threshold (usually £80,000 outside London and £90,000 within London). Additionally, applicants must be at least 18 years old and unable to afford a home suitable for their needs on the open market.
Shared ownership mortgages offer several benefits:
Yes, you can usually make changes or improvements to a shared ownership property, but you may need permission from the housing association. Major renovations or structural changes typically require approval. It’s important to check the terms of your lease agreement to understand any restrictions or requirements.
When selling a shared ownership property, the housing association often has the right to find a buyer for your share first. This process is known as a “nomination period.” If they cannot find a buyer within a specified period, you can then sell your share on the open market. The value of your share will be based on the current market value of the property, and you may need to pay for a valuation.
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Tom has been crucial in helping me understand and navigate the best mortgage for me and my personal circumstances. Tom has been readily available, explained things really clearly and ultimately helped me in securing the right few for me! Thanks!
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Brilliant service from start to finish! Thank you Chris, really helpful and zero pressure to purchase any of the services.
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I can not recommend this company. I have found it so stressful before I found them. From start to finish, application to an offer. Amazing people and always there. Thank you so much
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Spoke and dealt with Chris and Lizzi and the whole experience of finding a mortgage was faultless and both were very professional and understanding. Very pleasant experience
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Really great experience with Leo (& Lizzi) at UK Moneyman - explained exactly what I wanted to do and with minimal fuss did the hard work for me. Very efficient and speedy service would highly recommend and use again!
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Amazing service. As first time buyers Charlie was extremely helpful and very informative, helping us feel relaxed throughout the process. I would highly recommend this company to any buyers.
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Oliver
Charlie was really helpful and informative throughout, always on hand to answer any questions or queries we had. Made the process really smooth as first time buyers.
3 weeks ago
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Moneyman has helped me at a time where I felt I wouldn't be able to make any changes to my mortgage. This has had such a positive impact on my life, their honesty, knowledge and great communication throughout is something I have valued. I cannot...
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Matt and his team have been extremely helpful throughout the process of obtaining a mortgage and throughout the process and always with a quick response and on hand to help
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Annette
We would just like to thank Dan and Jonathan for all of the great support and help that we have received from this great team ,service was outstanding yours sincerely Billy and Anne.
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Great through each step of the process! Wayne was very helpful and friendly - As my brother and I were first-time house buyers we didn't know anything about the process or what was required. However, Wayne and UK Moneyman were able to patiently help...
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Very helpful, very friendly and very available. Leo and Lizzi are very quick to answer, and sometimes reply out of the usual NWD, which was really appreciated due to my hectic work schedule. They felt like a much needed ally for a First time buyer.
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Amazing service and great people! Made it easy for us as we were first time buyers, explaining the process step by step! Highly recommended
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During your free mortgage appointment, you'll have the opportunity to discuss what you ope to ahcieve with one of our trusted mortgage advisors in Halifax. They'll carefully review your income and expenses to determine your eligibility for a mortgage.
Our mortgage advisors have access to 1000's of mortgage deals tailored for those purhcasing a share downership property in Halifax. After your appointment, we are able to secure your mortgage agreement in principle - a useful tool when making any offers on properties.
Once your offer on a property is accepted, our dedicated mortgage advisors in Halifax takes charge of submitting your mortgage application and ensuring all necessary documents are forwarded to the lender.
Beyond finding the most suitable mortgage, our team is committed to helping you in obtaining comprehensive insurance coverage to provide financial security for you and the ones you love.
Trying to buy your first home in Halifax, but not sure where to start or if you're eligible for a mortgage? Our team of mortgage advisors at Halifaxmoneyman are more than happy to help. We know that buying your first home can be overwhelming, so our team is available 7 days a week, from early morning to late at night, to guide you through the process.
We are able to search through 1000’s of mortgages products in Halifax, to find you the most suitable deal for your personal and financial circumstances. We will be there during the entire process and happily answer any questions you have, up until you get the keys and beyond!
As an open and honest mortgage broker in Halifax, we aim to reduce as much stress as possible. Your dedicated mortgage case manager will keep you informed every step of the way, making sure you always understand what is going on, with jargon at a minimum.
Our mortgage advisors in Halifax works 7 days a week from early in the day until late, making sure that we are available at a time that is appropriate for you. All of our customers benefit from our free mortgage appointment, which will generally be carried out over the phone or through a video call via Microsoft Teams.
Shared ownership mortgages can be less expensive initially compared to buying a property outright because you are only purchasing a share of the property, which means a smaller deposit and a smaller mortgage. That said, you will also pay rent on the portion of the property you don’t own, which adds to your monthly costs.
Over time, if you choose to “staircase” and buy additional shares in the property, your mortgage payments may increase, but your rent will decrease correspondingly. It’s important to carefully consider all costs involved, including rent, mortgage repayments, and maintenance fees, to understand the full financial commitment.
Yes, with a shared ownership mortgage, you pay both a mortgage and rent. The mortgage covers the share of the property that you own, while the rent is paid to the housing association or developer for the remaining share that they own.
The rent is typically lower than market rates, making this an affordable option for many buyers. Additionally, you are responsible for the maintenance and upkeep of the property, just as you would be with full homeownership.
The shared ownership scheme does require a deposit, although the amount is generally lower than what would be needed for purchasing a property outright. The deposit is based on the share of the property you are buying, not the full market value, making it more affordable for many buyers.
There may be specific schemes or lenders that offer no-deposit options, but these are less common and may come with stricter eligibility criteria or higher interest rates.
Yes, you can buy a larger share of your home in the future through a process known as “staircasing.” This allows you to purchase additional shares in the property, usually in increments of 10% or more, as your financial situation improves.
Each time you staircase, the cost is based on the current market value of the property. Over time, some properties can staircase up to 100% ownership, at which point you would own the property outright and no longer pay rent.
Yes, self employed individuals can obtain a shared ownership mortgage, but the process may involve additional documentation and scrutiny.
Lenders typically require proof of a stable income, which can include two to three years of accounts, tax returns, and sometimes an accountant’s reference.
Your affordability will be assessed based on your average income over this period. As long as you can demonstrate a reliable income and meet the other eligibility criteria for shared ownership, you should be able to secure a mortgage.
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Halifaxmoneyman.com & Halifaxmoneyman 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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Halifaxmoneyman.com & Halifaxmoneyman 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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