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.
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.
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:
If you are based in Hull and are seeking more information on the Shared Ownership scheme and the mortgage options available, you can 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.
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.
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.
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!
4.98 Rating678 Reviews
Nathan
Great service, very helpful. From a first time buyer
Tom
Matt has been brilliant all the way through kept in touch and explained everything in detail. Would certainly recommend !!
Kristy
Chris went above and beyond to help me obtain a morgage, after many set backs we eventually got the result we wanted.. couldn't be any more grateful
Mark
As always very helpful with what we required
Natalie
Happy we went with hullmoneyman when we got our first mortgage coming up to 4 years ago, they've been helpful and fully informative all the way. Would highly recommend
Freya
Brilliant service, we could always get in touch and ask whatever questions we needed. Being first time buyers this has been new and stressful territory and it was much easier knowing we could trust Hull Moneyman.
Martin
Swift and very helpful, they was my go to people for anything I was worried about as a first time buyers and put my mind to rest.
Jason
Stacie and Dinah have saved me more money yet again. I remortgaged my house last month when mortgage rates were high due to a lot of uncertainty in the market. It is due to complete at the end of this month and since then rates have gone down. I...
Kelly
Massive thank you to Jason at hull Moneyman who has been amazing throughout the whole process of getting a mortgage. I highly recommend this company who make things so much easier. Very professional and helpful.
Stacey
We have today completed on our first property purchase and cannot thank Chris Thompson enough. Chris is incredibly knowledgable, professional and has excellent communication skills which made the whole process stress free from the start. A huge...
Kirsty
As a first time buyer Wayne and the team were so helpful and supportive. Right from the initial consultation Wayne took the time to listen to me, answered all of my questions and gave recommendations based on what I was saying. There was never any...
Katarzyna
Fantastic, friendly and efficient. I have been used the service for the second time and would recommend to anyone.
Agnieszka
We are buying house second time with Hullmoneyman and we are pleased with the service. Team is fantastic and very professional Charlie Bryson - our advisor section time did everything in very professional manner and with prompt response for our...
Cameron
Amazing, was really pleased with the service from Chris & Lizzi. Really appreciate everything they’ve done for me. Would definitely recommended!
Anonymous
Nice and helpful without the hassle of doing it yourself
Anonymous
Always knowledgeable, friendly and helpful - an excellent and efficient team whose services I have called on several times over the last 18 years and would highly recommend.
Emma
Thank you Conor for your help and guidance you made the process easy and explained everything Thoroughly.
Wayne
This was my second time using UK moneyman and will definitely be recommending them! Stacey provided an excellent service and was very efficient. Thank you Stacey for all your help, offer turned up earlier than expected 😉
Idris
I found Dinah at UKMONEYMAN very helpful and supportive all the way through my application. All my questions were answered in a timely manner with clear explanation. Dinah was always available whenever I required something. Thank you for your...
Danny
Excellent service, answered all questions and queries. Dinah was fantastic
Our free initial mortgage consultation will last roughly 30 mins. 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 30 mins. 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.
Get in touch with our team and we will schedule you in an appointment with your own dedicated mortgage advisor in Hull.
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.
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.
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.
