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Shared Ownership in Harrogate

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Shared Ownership in Harrogate

Discuss your Shared Ownership mortgage options with a mortgage advisor in Harrogate.

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Mortgage advice for those looking at Shared Ownership in Harrogate

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.

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Shared Ownership in Harrogate

What are the requirements for Shared Ownership in Harrogate?

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:

  • You must be over the age of 18.
  • Your household annual income cannot be any higher than £80,000.
  • You should not have the capacity to afford a home on the open property market.
  • You cannot be in a mortgage or rental debt.
  • You must provide evidence of having a good credit history (this can be done by passing credit checks and affordability assessments).

For transparent Shared Ownership mortgage advice in Harrogate, make sure to schedule your free mortgage appointment. Start your Shared Ownership journey today.

Do I need a deposit for a shared ownership in Harrogate?

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.

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Shared Ownership FAQs in Harrogate

Does shared ownership mean sharing with someone else?

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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.

How does Shared Ownership in Harrogate work?

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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.”

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

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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.

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

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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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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

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.

Submit Your Shared Ownership Application

Step 3

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.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Harrogate

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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.

Customer Service

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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.

Book Online – Simple & Easy

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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.

1000’s of Deals

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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.

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Shared Ownership Mortgages in Harrogate

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
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Pepper Money
Mortgage Works
Coventry Building Society
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 Harrogate

Can I increase my share of the property?

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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.

Are there any other fees that come with Shared Ownership in Harrogate?

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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.

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

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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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UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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