Mortgages
Shared ownership
A shared ownership mortgage is where you purchase a share in a property. You pay a mortgage on your share, and you pay a rent on the rest.
Shared ownership mortgages
Shared ownership mortgages can help you buy between 25% and 75% of a property.
Shared ownership mortgages are sometimes known as ‘part buy, part rent’ mortgages and are offered by housing associations.
Shared Ownership mortgage, you’ll need to meet the following criteria:
- Your household income must be less than £80,000 if you live outside of London (£90,000 inside of London)
- You must be a first-time buyer or a previous homeowner who can no longer afford to buy
- You must not be in arrears with a previous mortgage or rent
- You must be looking to purchase a property from a housing association
To get started, you may only need a 5% deposit towards the part of the home you are buying. You have to pay ground rent and service charges on your home.
Your home may be repossessed if you do not keep up repayments on your mortgage
Genius Mortgage Advice
Why choose us?
We take the time to understand your requirements, find a way forward whatever the circumstances, and then stay the course until your mortgage is offered, and the transaction has completed.
We want to develop relationships with borrowers that last as long as your mortgage term, and are as wide as to include family and friends.