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Shared Ownership in Hull

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Shared Ownership in Hull

Your path to property ownership starts here, discuss your Shared Ownership mortgage options with an expert advisor today.

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Mortgage advice for those looking at Shared Ownership in Hull.

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.

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Shared Ownership in Hull

What are the requirements for Shared Ownership in Hull?

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:

  • You must be at least 18 years of age.
  • Your household’s annual income must not exceed £80,000.
  • You must not be able to afford a home on the open market without assistance.
  • You must not have any outstanding mortgage or rent arrears.
  • You must provide evidence of a good credit history, which includes passing credit checks and affordability assessments.

I've seen the home I want. So, what's next?

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.

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Shared Ownership FAQs in Hull

Does shared ownership mean sharing with someone else?

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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.

How does Shared Ownership in Hull work?

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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.

Can I get a Shared Ownership mortgage in Hull with bad credit?

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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.

Why use a mortgage broker in Hull for a Shared Ownership mortgage?

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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.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you.

Submit Your Help to Buy Application

Step 3

Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Hull

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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.

Customer Service

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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.

Book Online – Simple & Easy

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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.

1000’s of Deals

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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!

Malcolm and Amy Davidson - Mortgage Advice in Hull

Shared Ownership Mortgages in Hull

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Halifax
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
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HSBC
Nationwide
Skipton
Pepper Money
Mortgage Works
Coventry Building Society
Santander
Natwest Mortgage Advice
Newcastle Building Society
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Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Popular Scenarios for Shared Ownership in Hull

Do I need a deposit?

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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.

Are there any other fees that come with Shared Ownership?

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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.

Can you take out a Shared Ownership mortgage on any property?

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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.

Can you take out a Shared Ownership mortgage on any property?

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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.

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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

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