For first time buyers struggling to save a deposit, Shared Ownership is increasingly seen as a practical and flexible alternative with homes now making up 0.4% of English Housing Stock1. Here are five ways we can help your clients with a shared ownership mortgage.
With around 200,000 households in the UK currently living in shared ownership properties2, this part-rent part-buy scheme is assisting many first time buyers onto the property ladder without having to build up a hefty deposit first. In fact, on average, shared ownership purchasors choose to buy between 21-40% of a property, at an average cost of £67,0003.
Here are five ways we can help with your shared ownership clients:
- We’ll lend up to 95% LTV of the share with a maximum loan of £350,000. A minimum LTV of 25% and loan of £50,000 applies.
- Our products feature NO application or completion fees
- We’ll consider new build houses and flats (maximum 5 storeys)
- Applicants can staircase up to 100%, meaning we’ll help them buy additional shares in the property
- Individual underwriting – we’ll assess each case individually, taking personal circumstances into account. There’s no automated decision making here!
Products available for properties throughout England and Wales, for both purchase and remortgage cases.
View our current range of shared ownership products here.
Data:
1 www.cml.org.uk, October 2016
2 www.cml.org.uk, February 2017
3 www.myhomemove.com, February 2017
