Shared Ownership Mortgages Liverpool
A Shared Ownership purchase is when you only purchase a percentage of the property - typically 25%, 50% or 75%, and pay rent on the remaining portion you don’t own. The remaining portion is often retained by a housing association and some schemes are exclusively for first time buyers or for buyers over the age of 55. Once you’ve purchased your share, there is often an opportunity to ‘staircase’ in the future which is when you purchase some or all of the remaining shares to own more of the property or the whole property.
Things to Consider:
-
Can you afford to purchase a ‘whole’ property instead?
-
How much is the rent & service charge on the property?
-
Shared Ownership properties are typically leasehold
-
Your rent payment will increase over time if you don’t staircase
-
These are ideal if you only have a small deposit but healthy income
-
Can offer a way for buyers to get on the property ladder when a full purchase is not feasible
Benefits of Using J&M Green Mortgage Services:
-
We have access to all shared ownership lenders and have completed hundreds of shared ownership mortgages for clients over the years.
-
We will check the feasibility of future staircasing and provide figures and a plan to work towards for future staircasing.
-
If you already have a shared ownership mortgage, we will help you with the staircasing process alongside your remortgage.
-
Some lenders have more complex affordability calculators and equations for shared ownership affordability checks which we can assist with.
-
We will help you with the reservation process and assess the lease, rental and service charge agreement for the property to ensure it is suitable for a mortgage and not cost-prohibitive
Enquire Today
Evening appointments available - we are happy to work to a time that suits our clients!
Alternatively, Call us on: 01512300909 or pop in to our offices at 13 Allerton Road, Liverpool, L18 1LG