Shared Ownership Mortgage Schemes

Shared ownership - helping people who cannot afford to buy a home outright

Shared Ownership Schemes are usually offered by Your local Government authority (housing association). The types of affordable homes offered range from houses, flats and bungalows. You buy a share of the property (typically 50%), and pay rent on the rest, the Mortgages costs become more affordable. 100% Mortgages (on Your share) are available with Provincial Mortgages, 1st Stop Finance and Portfield Finance† Joint ownership (buying with a friend) and Shared Ownership can also sometimes be combined.

Shared ownership – The housing association provides a home and applicants enter into a ‘part rent - part buy’ arrangement. Applicants must buy a minimum share (usually 25%) with a mortgage or with savings and then they pay rent on the remainder. It is usually possible to purchase additional ‘tranches’ as personal finances improve. There are usually arrangement in place that allow ‘owners’ to sell these homes and gain some benefit from the rise in property prices.

Homebuy – The Local Housing Association lends 25% of the purchase price on an interest free loan. This is repaid when you sell the home. There are price limits and limited funds are usually available each year.

Low cost market housing – A partnership between the Council and private developers. These homes are provided for outright sale at a reduced price this percentage reduction must be reflected in any future sales.

Do it Yourself Shared Ownership – Similar to shared ownership but the purchaser has found an existing home for themselves and it has been purchased on a part rent part buy arrangement within this scheme. This is a scheme where only existing homes within the scheme are being resold.

*Broker number connects to 1st Stop Finance Ltd.†The Enquiry Form connects to the most suitable Broker based on your selections. See Brokers page for FSA details

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.

Written quotations on request. Loans subject to status and secured on the property.

MDJ & Partners Ltd, Bluebell Barn, Long Lane, Banham, Norfolk. NR16 2DF
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