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The Shared Ownership Scheme allows you to secure a mortgage for a reduced portion of a property, with the local authority or builder retaining ownership of the remaining percentage. Typically, you’ll acquire a share ranging from 25-75% of the property, although certain lenders may allow you to take a share as low as 10%.
As you possess a limited share, a monthly rental fee is obligatory for the remaining shares’ proprietor. Given the leasehold classification of all Shared Ownership homes, payment of ground and service charges is mandatory.
As a mortgage broker supporting in Harrogate, we can assess your eligibility for the Shared Ownership scheme. If you don’t meet the criteria for Shared Ownership, an alternative scheme may be more suitable. The requirements for Shared Ownership include:
For transparent Shared Ownership mortgage advice in Harrogate, make sure to schedule your free mortgage appointment. Start your Shared Ownership journey today.
Contrary to common misconceptions, Shared Ownership in Harrogate requires you to put down a deposit. Although, the deposit amount is proportionate to the percentage of the property you intend to own. For example, if you purchase a 50% share of a property valued at £300,000, the total you are borrowing would equal £150,000. If you need to put down a minimum of a 5% deposit, you will only need to put down a total of £7,500.
Opting for a 5% deposit establishes a 95% loan-to-value ratio; a higher deposit widens your mortgage options and diminishes potential monthly payments.
Shared Ownership doesn’t involve sharing ownership with another individual. You share ownership with the housing association that owns the other share of the property. Over time, you may have the opportunity to increase your share in the property.
With Shared Ownership in Harrogate, you can acquire a portion of a property, typically ranging from 25% to 75%, and pay rent for the remaining share. As your situation improves, there’s the option to enhance your ownership stake through a gradual process called “staircasing.”
Obtaining a Shared Ownership mortgage with a poor credit history can prove challenging. Lenders will scrutinise your credit history before accepting your Shared Ownership mortgage application to try and find anything that could prevent you from getting a mortgage.
As a mortgage broker in Harrogate, we can assist in pinpointing suitable lenders and offering guidance on enhancing your creditworthiness.
When looking at Shared Ownership mortgages in Harrogate, the assistance of knowledgeable mortgage advisors is truly invaluable. We’re here to help you through the entire process and will try to find you the most fitting mortgage deal for your specific requirements.
Our mortgage advisors in Harrogate not only offer expert mortgage advice but will also search 1000s of mortgage to find the best deal for you.
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Zoe
Jason and the team have been amazing, so helpful!
3 weeks ago
Shannon
Matt from Harrogate money man was so accessible and supportive throughout our journey to get a mortgage. He has been close at hand every step of the way and gave us so much convince in ourselves and our own finances which we didn’t have to begin...
3 weeks ago
David
Excellent service and very happy. Highly recommend and thank you Leo & Meghan! Best, David
9 months ago
Lydia
They have been excellent! Couldn’t have asked for better help and communication. They were very understanding and have been very patient with us over the last few months.
11 months ago
Sally
I'm really pleased with the service at Harrogatemoneyman and would definitely recommend them. Leo and Jo have been really helpful and supportive throughout the process.
1 year ago
David
Chris was brilliant at guiding us through the whole process. As FTB, you think you understand the process but there is so, so much more too it and having someone who you can ask questions almost anytime of the day, was something we could not have...
1 year ago
Rebecca
As first time buyers this whole process initially seemed very daunting. We spoke with Matt over the phone and he talked us through the process, was really positive and has got us through the process. It has been stressful but Matt kept us updated...
2 years ago
Maria
Me and my husband were looking to get a mortgage, we are first time buyers, so were wanted a stress free process and getting the best deal for us. Harrogatemoneyman was amazing! Very professional, answered all our questions and kept us regularly...
2 years ago
John
Fantastic service from start to finish. Every stage of getting a mortgage for a first time buyer was carefully explained with complete transparency of costs and what to expect. 100% recommend.
2 years ago
Salvatore
Joe and Meghan have been very helpful and professional. They have explained everything clearly and responded extremely quickly to our correspondence. We would certainly use your service again and recommend both Joe and Meghan to others.
2 years ago
Deanna
Amazing service & support! We are first time buyers and felt the process from start to getting our mortgage accepted was amazing & very smooth!! We were kept up to date regularly and felt comfortable to ask any questions. Special thank you to...
2 years ago
Charlie
Really impressed with the service from these guys, from start to finish the process has been so easy. Our situation was slightly different from normal but they still managed to get the mortgage sorted for us. They always kept us up to date with...
2 years ago
Deanna
Leanne was so friendly and approachable. Extremely helpful.
2 years ago
Laura
Fantastic service from start to finish. Matt was always on hand to answer my questions and explained everything clearly, along every step of the way. Thank you!
2 years ago
Heather
Polite helpful reassuring conversation. Very helpful.
3 years ago
Richard
Excellent from start to finish. Booked appointments that suited us even late evening! Found us a great deal on our mortgage and wage protections. Thanks Malcolm for all your help!
3 years ago
Gregory
First time buyer and the team at Harrogatemoneyman provided a 1st class service from start to finish. Excellent advice really quick service excellent product really cant fault them at all. I highly highly reccomend them just exceptional in everyway....
3 years ago
Alice
Very quick response from Hannah. Very helpful. Highly recommend
3 years ago
Dane
Great service, professional as well as friendly
3 years ago
Paula
Can I say what a great job they have done for us, answered every question when needed and kept me calm through the last few weeks! Great job done! Cannot thank them enough, Thank you Wayne, Jenna and Megan!!
3 years ago
During your free mortgage appointment, your mortgage advisor in Harrogate will meticulously analyse your income and expenses to gauge your eligibility for a Shared Ownership mortgage in Harrogate.
Additionally, they'll assess your mortgage affordability to ensure a comprehensive understanding of your financial landscape.
Following your free mortgage appointment, your mortgage advisor in Harrogate will search through 1000s of mortgages in order to find the perfect one for your personal and financial circumstances.
On panel, we have access to both high street and specialist mortgage lenders, allowing us to search for a deal that is tailored for you.
Upon the acceptance of your purchase offer, we will promptly submit your mortgage application along with all necessary supporting documents to the lender.
From here we will pass you over to your own dedicated case manager who will be by your side until the end of the process.
Our commitment goes beyond securing the optimal mortgage deal for you. We also provide recommendations for insurance policies that ensure comprehensive protection for you and your loved ones.
Get in touch our team today and begin your Shared Ownership journey.
Our mortgage advisors in Harrogate possess extensive expertise in assisting both home buyers and homeowners in taking their first steps onto the property ladder, and this holds for individuals seeking a Shared Ownership mortgage in Harrogate. During your free mortgage appointment, one of our team members will guide you through the intricacies of the scheme and assist in evaluating your eligibility.
At Harrogatemoneyman, we take pride in delivering an excellent level of service to both our new and loyal customers. This is shown in our authentic customer reviews on our platform. Our dedicated team goes the extra mile to ensure our customers experience the pinnacle of customer service. This commitment is reflected in our flexible appointment scheduling, providing availability from early morning until late at night.
By utilising our online booking service, you can schedule your free appointment at a time that aligns with your schedule, based on availability. As your mortgage broker in Harrogate, we are available to assist you from morning until late, seven days a week, including weekends.
We can search through 1000s of mortgages on your behalf. We do this to make sure that you get the best deal available for your current circumstances. We have access to both high street and specialist mortgage products.
Yes, you have the option to boost your ownership stake in the property through a procedure known as “staircasing”.
This permits you to purchase additional shares in your home, progressively enhancing your ownership percentage. It’s important to note that this process may entail valuation fees and legal costs.
Indeed, alongside your mortgage and rent payments, Shared Ownership in Harrogate involves extra costs.
These may encompass service charges, ground rent, maintenance fees, and potential charges related to the staircasing process. It’s crucial to consider these expenses when planning your budget for a Shared Ownership property.
Shared Ownership mortgages are designed for properties constructed under the Shared Ownership scheme. Eligibility is not universal, and typically, these properties are developed by housing associations or registered providers.
They serve the purpose of assisting individuals with lower incomes in entering the property market. Before applying for a Shared Ownership mortgage, it’s crucial to verify the property’s eligibility with the housing association or developer.
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Harrogatemoneyman.com & Harrogatemoneyman 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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Harrogatemoneyman.com & Harrogatemoneyman 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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