It's Free to Speak to an Advisor, 7 days, 8am - 10pm
It's Free to Speak to an Advisor, 7 days, 8am - 10pm
Shared Ownership is a government-backed initiative that provides a more accessible path to homeownership for those who may struggle to secure a full mortgage. It operates by enabling the buyer to purchase a portion of a property, usually ranging from 25% to 75%, and in some cases even as low as 10%.
With Shared Ownership, the buyer obtains a mortgage on only a portion of the property, while the remaining percentage is owned by a Housing Association or Builder. As a result, the buyer must pay rent to the owner of the remaining share of the property.
This rent covers the cost of maintaining the property and can be seen as an alternative to paying a full mortgage, which can be a significant burden for those who are not yet in a financial position to do so. If you want to speak to a Shared Ownership mortgage advisor in Hull, feel free to book a free appointment and find out more.
Before you can take advantage of the Shared Ownership scheme, it is important to determine if you meet the eligibility criteria. If you do not qualify for this program, there may be other options available, such as the Help to Buy Equity Loan. To be eligible for the Shared Ownership program, you must fulfill the following requirements:
One of the perks when speaking with a mortgage broker in Hull like ourselves is when seeking more information on the Shared Ownership scheme and the mortgage options available, you can get in touch, watch a video or read the frequently asked questions (FAQs) section. These resources can provide you with the information you need to make an informed decision about whether Shared Ownership Mortgage advice in Hull is right for you.
In essence, Shared Ownership provides a stepping stone towards full homeownership in Hull by allowing individuals to gradually build equity and increase their share of the property over time. It is a valuable option for those looking to get onto the property ladder, who might otherwise be excluded from doing so due to financial constraints.
While the term “shared ownership” includes the word “shared,” it doesn’t necessarily mean sharing the property with another person or household in the sense of cohabiting with someone. Instead, it means sharing ownership of the property with the housing association.
When you choose to buy a Shared Ownership home in Hull, you’re essentially acquiring a fraction of the property. Your initial ownership share typically falls within the range of 25% to 75%. You’ll be responsible for a mortgage on the part you own and will also pay below-market-value rent for the portion you don’t yet own.
Shared Ownership is a government-backed initiative designed to assist people in Hull and across the UK in taking their first steps onto the property ladder, even when they may not have the means to purchase a home outright.
While obtaining a Shared Ownership mortgage in Hull with bad credit can present additional challenges, it is not an insurmountable task. Similar to standard mortgages, your eligibility for a Shared Ownership mortgage will hinge on the extent of your bad credit history and the specific criteria set by the lender.
When seeking a Shared Ownership mortgage in Hull, the expertise of mortgage advisors in Hull can prove invaluable. They are here to guide you through the entire process, helping you identify the most suitable deals and tailoring options to align with your specific requirements. Our mortgage advisors will provide you with expert mortgage advice in Hull, will also provide thorough explanations of the mortgage terms and conditions, ensuring that you secure the most suitable mortgage available to you.
Our Customers Love Us
4.98 Rating705 Reviews
Oladipo
Great team. Charlie also did an amazing job in making sure the process was smooth.
2 days ago
Anonymous
Very good company, they assisted all the way from inception to completion of my new home.
1 week ago
Matthew
Have used Moneyman previously and was happy with the service, same again this time very happy with the service again.
1 week ago
Molly
Amazing service from start to finish - 100% recommend!
1 week ago
Gemma
Jo was super efficient and friendly. We got our mortgage locked in within a week of applying. Excellent service, couldn’t recommend the team at Hull Moneyman enough, worth every penny!
2 weeks ago
Mark
Bank was a pain but they did battle and won
3 weeks ago
Patrycja
Helpufull and responsive
3 weeks ago
Chris
Very helpful and honest throughout the whole process. open and prompt communication at all times. would highly recommend
1 month ago
Jake
Fantastic service very quick and efficient, information provided explaining all services clearly, excellent pricing and most of all helped us get on the property ladder !
1 month ago
Michael
Great service very helpful and very good at what they do.
1 month ago
Anonymous
Very helpful throughout and helped us get an improved deal as rates fluctuated.
1 month ago
Hannah
I have used hullmoneyman when I first bought my house and now to remortgage. Daniel has been amazing, always kept me informed and made things nice and easy. Thank you Daniel and the team.
3 months ago
Anonymous
This is the second time we have used Hullmoneyman, again their advice and service has been excellent. The advice is honest and reliable and considered our needs against the current market. I would definitely recommend in the future.
3 months ago
Ryan
My partner and I are extremely happy with our decision to use Hullmoneyman as our mortgage advisor. As FTB's we had a million questions which were always answered without any chasing. From our first meeting to the last Charlie was spot on and...
3 months ago
Samuel
For us who had a difficult situation, it was the best thing we could have done! Opened so many doors and allowed us to gain a mortgage at a great rate! Charlie was amazing and can’t recommend this company enough! Will be using again. Thank you
3 months ago
Cristina
2nd time using Hull Moneyman mortgage brokers, this time for our remortgage. Always responsive, happy to help and keep us up to date with progress. 5*
3 months ago
Samantha
This is our second time using Hullmoneyman, and again the service has been excellent. There is a good balance of updates, without feeling like you are being hounded. The advice we have been given has been honest and reliable given the current...
3 months ago
Samantha
I cannot rate the UK Moneyman team high enough. Both my husband and I are self-employed which is somewhat less straightforward than it would be if we were in employment. However, Malcolm and his team guided us through all of the stages, from...
3 months ago
Sam
I had a fantastic experience working with Malcolm and the team at Hullmoneyman. Their use of modern systems streamlined the application process, and communication was excellent, prompt and transparent. The staff, notably Jo, were not only...
3 months ago
Kayleigh
Everyone that has been involved in our case has been polite and very helpful and taken alot of the stress out of something I personally found quite daunting and overwhelming
4 months ago
During your free appointment with a mortgage advisor in Hull, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Hull, as well as assess your mortgage affordability.
Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you.
Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.
Our service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.
We’ve helped many applicants with their Shared Ownership in Hull before, and you could be next. During your free appointment with an mortgage advisor in Hull, you will get to learn the ins and outs of the scheme and will find out whether you’ll be able to qualify or not.
You will have your own dedicated Shared Ownership mortgage advisor in Hull to assist you along your mortgage journey and they will be there to answer any questions that you have throughout.
Our amazing customer reviews say it all! Take a look at previous customer feedback and our reviews to find out what others have thought about our service.
Customer service is at the heart Hullmoneyman, we want to ensure that you are receiving the best possible service at all times. This is portrayed in our flexible operating hours; you can book a free mortgage appointment in the evening or on weekends.
Our modern booking online feature allows you to select your own date and time for your free mortgage appointment. We have appointments available 7 days a week.
Follow our ‘Get Started’ process to choose your preferred date and time.
We have close relationships with many different types of lenders. Having access to both high street and specialist lenders allows us to take out all kinds of mortgage products, meaning that we have plenty of choices when trying to find one for you.
Our mortgage advisors in Hull have been working in the industry for many years now and have experience in all kinds of mortgage situations. Nothing is a surprise to us; we’ve probably covered something similar before!
Applicants are often under the impression that you don’t need a deposit for a Shared Ownership mortgage, however, this is not the case. In most situations, you will be required to put down a deposit for every type of mortgage.
With a Shared Ownership mortgage, you are taking out a mortgage on a percentage of the property, therefore, you will have to put down a deposit based on this amount. For example, if you were taking out a 50% mortgage share on a property valued at £300,000, you need to put down a deposit on £150,000 of the property.
If you only need to put down a 5% deposit, this will be £7,500 as opposed to £15,000 if you took out a 95% mortgage on the property.
Upon taking out a Shared Ownership mortgage, you will need to factor in your mortgage costs and your rent costs. These will be recurring monthly costs, like any other mortgage payments.
Like most other mortgages, you may need to compensate for set-up/arrangement fees. This will be charged when you take out your mortgage as a one-time payment.
Upon taking out a Shared Ownership mortgage, you will need to factor in your mortgage costs and your rent costs. These will be recurring monthly costs, like any other mortgage payments.
Like most other mortgages, you may need to compensate for set-up/arrangement fees. This will be charged when you take out your mortgage as a one-time payment.
It may be beneficial to get a property survey carried out too; if there is something wrong with the property, it’s important that you know about it as it could decrease the property’s overall value.
Shared Ownership mortgages are only available on selected properties that are owned by housing associations or builders and sometimes for those that have been specifically built for the scheme.
Your Shared Ownership Mortgage Advisor in Hull can explain these details to you. Book in a free mortgage appointment to start your Shared Ownership journey today.
Read our 705 Reviews
Hullmoneyman.com & Hullmoneyman 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
Contact
Follow Us
Hullmoneyman.com & Hullmoneyman 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
Speak to an Advisor – It’s Free!
7 Days a Week, 8am – 10pm
