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Shared Ownership in Coventry

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Shared Ownership in Coventry

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

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Mortgage advice for those looking at Shared Ownership in Coventry

The government has created a scheme known as Shared Ownership as part of the Help to Buy program to aid applicants who are facing financial difficulties and cannot afford a full mortgage. The share you can buy is usually between 25% and 75%. You can buy a 10% share on some homes, and subsequently pay off the remaining percentage through rental payments.

These rental payments will be made to the Housing Association or Builder who owns the remaining percentage of the property. Shared Ownership can be a complicated scheme, so it may be advantageous to seek advice from a Shared Ownership mortgage advisor in Coventry. You can easily schedule a free mortgage appointment through our website by clicking on the ‘Book Now’ button.

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Shared Ownership in Coventry

What are the requirements for Shared Ownership in Coventry?

In order to determine if you are eligible for the Shared Ownership scheme, we need to evaluate your mortgage affordability. If you do not meet the criteria for a Shared Ownership we recommend exploring other government schemes that may be available to you. Below, you can find the requirements for the Shared Ownership scheme:

  • You need to be at least 18 years old
  • Your annual household income needs to be no more than £80,000.
  • You should not be able to afford a property on the open market.
  • You should not be in mortgage or rent arrears.
  • You need to provide evidence of good credit history to pass the credit checks and affordability assessments.

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

Using a mortgage broker in Coventry can be helpful when securing a Shared Ownership mortgage, as we can help you navigate the process and find the best deals and options for your specific circumstances. Our team of mortgage advisors in Coventry can also help you understand the terms and conditions of the mortgage and ensure that you are getting the best possible deal.

Book your free mortgage appointment with a mortgage advisor in Coventry today and begin your shared ownership journey!

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Common FAQs for Shared Ownership Mortgages in Coventry

How does Shared Ownership in Coventry work?

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Shared Ownership in Coventry works by allowing you to purchase a share of a property, typically buy a share between 10% and 75% of the home’s full market value, and paying rent on the remaining portion. You can increase your ownership share over time through a process called staircasing, which involves purchasing additional shares of the property.

How much deposit do I need for a Shared Ownership mortgage?

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The deposit required for a Shared Ownership mortgage in Coventry can vary, but it is typically between 5% and 10% of the share you are purchasing, rather than the full property value.

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

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Having bad credit can make it more challenging to secure a Shared Ownership mortgage in Coventry, but it is not necessarily impossible. You may need to work with a specialist lender who can consider your circumstances on a case-by-case basis.

Do I need a mortgage for Shared Ownership in Coventry?

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Yes, you will typically need a mortgage to purchase your share of the property in a Shared Ownership scheme in Coventry.

What is the minimum income for Shared Ownership in Coventry?

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To qualify for Shared Ownership in Coventry, you need to be at least 18 years old, and your annual household income should be less than £80,000. If your income is higher than this, you are unlikely to be eligible for the scheme.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

During your appointment with the mortgage advisor in Coventry, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Coventry, as well as assess your mortgage affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you. We will also assist you in obtaining a mortgage agreement in principle, which can strengthen any new build offers you make.

Submit Your Help to Buy Application

Step 3

Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.

Throughout this process, your dedicated case manager will keep you informed of progress, from mortgage offer to completion and beyond.

Protecting You and Your Mortgage

Step 4

Our service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.

Additionally, we will notify you when your mortgage deal expires to ensure that you are always on the best deal available.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Coventry

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As an experienced mortgage broker in Coventry, we are able to help clients in all different kinds of mortgage scenarios. We are also able to assist those looking to utilise the Help to Buy Shared Ownership scheme.

We have helped many applicants successfully complete their mortgage journey through Shared Ownership. Firstly, we will take a look at whether you qualify for the scheme, then if you get the green light, we can look at preparing your application.

Customer Service

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Check out our fantastic customer reviews to see what others have thought of their experience. You may come across someone who has been in a similar situation to you.

Customer service is at the heart of our company, we want you to receive the best experience from start to finish. Our mortgage advisors in Coventry will make sure that you feel comfortable and secure at all times.

Book Online – Simple & Easy

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Book your own appointment, it’s simple and easy to do! We have availability 7 days a week and appointments early in the morning or late evening.

Simply follow our ‘Get Started’ process to choose the date and time best for you.

1000’s of Deals

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We have 1000s of mortgage deals available on panel, featuring both high street and specialist deals. It is our job to pick out the perfect product for you that matches your personal and financial situation.

Our mortgage advisors in Coventry know exactly what they are looking for, they have over 20 years of experience in the sector!

Malcolm and Amy Davidson - Mortgage Advice in Coventry

Shared Ownership Mortgages in Coventry

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 Coventry

Do I need a deposit?

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Yes, you need a deposit for a Shared Ownership mortgage. In most scenarios, you will need a deposit for any type of mortgage.

The deposit amount that you will have to put down will vary depending on the percentage that you own. For example, if your property is valued at £300,000 and you own a 50% mortgage share, you will need to put down a deposit on £7,500 of the property.

Are there any other fees that come with Shared Ownership?

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Similar to all mortgage types, when it comes to Shared Ownership you will have to account for lots of different costs. Of course, you have to consider your monthly repayments, both rent and mortgage payments. On top of this, you will also have to factor in property survey costs, arrangement fees and legal fees.

One of our mortgage advisors in Coventry will be more than happy to break down these costs for you.

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

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Unfortunately, only a number of selected properties are available via the Shared Ownership scheme. The property has to either be a new build, a property that is already under shared ownership and is being resold or a property that meets specialist needs like a ground floor flat for someone with a long-term disability.

If you are looking for Shared Ownership Mortgage Advice in Coventry, feel free to get in touch with our team. You can book your own mortgage appointment online for free! Follow our ‘Get Started’ process and choose a convenient date and time.

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