Shared Ownership in Hull

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Shared Ownership Hull

Shared Ownership was introduced to help applicants who couldn’t quite afford a full mortgage. The scheme allows you to purchase a percentage of a mortgage; this is usually between 25%-75% of a property, although, sometimes this can be as low as 10%.

 

Since you are only taking a mortgage out on a percentage of a property, you will also be required to pay rent to the Housing Association/Builder that owns the remaining percentage of the property.

 

Scheme Requirements

We will have to check whether you qualify for the scheme before you can access it; if you fail to meet the requirements of the scheme, it may be worth looking at other alternatives such as the Help to Buy Equity Loan.

  • You need to be at least 18 years of age
  • Your household annual income must be less than £80,000
  • You should not be able to afford a home on the open market
  • You must not be in mortgage or rent arrears
  • You need to provide evidence that you have a good credit history (passing credit checks and affordability assessments)

 

If you are looking for further Shared Ownership Mortgage Advice in Hull, feel free to watch the video below or continue reading to see Shared Ownership FAQs.

 

 

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Popular Shared Ownership Scenarios in Hull

As a Mortgage Broker in Hull, it’s not unusual for us to receive questions and enquiries about Shared Ownership. It’s a complicated scheme!

 

Our job is to make it as simple as it can be, explaining the ins and outs of the scheme to you. Here are the most FAQs about Shared Ownership.

 

Do I need a deposit?

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?

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.

 

Are there any other fees that come with Shared Ownership?

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?

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.

Why Choose us for Shared Ownership Mortgage Advice in Hull?

Mortgage Experts – Shared Ownership in Hull

We’ve helped many applicants with their Shared Ownership in Hull before, and you could be next. During your free appointment with an advisor, 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 to assist you along your mortgage journey and they will be there to answer any questions that you have throughout.

Customer Service

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

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

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!

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Common mortgage
questions

Our free initial mortgage consultation will last roughly one hour. Lucky for you, as an experienced Mortgage Broker in Hull, we can turn around an Agreement in Principle within 24 hours. All we need is a quick phone call to gather the necessary information. A formal mortgage offer takes about three to four weeks on average.

If you’re an employee, you will usually have to supply three payslips and the latest P60 to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ tax calculations and correspondings overviews. You will also need to provide proof of ID (Driving license or Passport). Proof of Address (Utility bills, tax bills or credit card statements) and three months’ bank statement. You are proving the deposit built up with an explanation for any significant credits.

The good news is it may be possible to get a mortgage if you are self-employed in Hull. To qualify, you need to submit at least one years’ accounts. Doing so will help to increase the likelihood of obtaining a mortgage. Most lenders take a look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit. It all depends on the lender.

The good news is that you may find it a bit more challenging to obtain a mortgage despite having previous credit issues on your record. But it doesn’t mean it’s impossible, and you may still be able to get one! It just means that some Lenders may ask for a slightly higher deposit of around 10-15%.

Most high street mortgage lenders will usually ask for a minimum of a 5% deposit. This percentage may be higher depending on your previous circumstances, e.g. if you’ve had any past credit issues.

The good news is it is possible to have two mortgages in Hull running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.

An Agreement in Principle typically lasts for 30-90 days. However, this timeframe is up to the Lender. If your Agreement in Principle expires, worry not; you can renew it by getting back in touch with your Mortgage Advisor in Hull.

As a Mortgage Broker in Hull, we recommend that you obtain an Agreement in Principle (AIP) as soon as you can, preferably before you start viewing properties. Having an Agreement in Principle in place when you are viewing houses could potentially allow you to negotiate prices.

Our mortgage process consists of multiple different steps. The first step is to get in touch, and one of our trusted mortgage advisors in Hull will carry out a Fact Find to get a bigger picture of your mortgage situation.

Secondly, you’ll undergo your free mortgage consultation, and your assigned dedicated Mortgage Advisor in Hull will begin searching for mortgage deals that match your circumstances. If they find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.

Next, they will perform a credit check on you to obtain an agreement in principle. Some evidential documents will be required from you to help back up your mortgage application.

Lastly, they will submit your mortgage application and wait for a formal mortgage offer to be issued.

Your free initial mortgage consultation with your dedicated Mortgage Advisor in Hull will last around an hour. During this consultation, we will get to learn a bit more about your mortgage needs and what you are looking for. Once we know more about your personal and financial situation, we will start looking for mortgage deals that will match you perfectly.

We make it so easy!
Our 4 step process

Get in Touch

Get in touch with our team and we will schedule you in an appointment with your own dedicated mortgage advisor in Hull.

Free Mortgage Appointment

Your advisor will speak to you and find out your mortgage needs and what you are looking for. This consultation will take roughly 30-mins.

Your Offer

Once we have your details, it's your turn to find a property and make an offer on it. In the meantime, we'll finalise your figures and help you to get a good deal.

Final Stages

If you are happy with your mortgage product and have agreed terms with housing association/builder, it's time to complete your mortgage process.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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Hullmoneyman, 410 Wincolmlee, Hull, HU2 0QL.

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