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Shared Ownership Mortgages |
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Shared Ownership Mortgage schemes are used for part buy, part rent schemes commonly known as shared ownership.
Many of these shared ownership schemes, which often offer properties at a discount, are open to all comers through housing associations. Shared ownership mortgage schemes vary form lender to lender with some lending up to 100% loan to value on the purchased share. The mortgages available on shared ownership are somewhat limited as some lenders feel that shared ownership is more risky than more traditional loans. This is probably due to the fact that these schemes were originally available to help financially insecure members of society. The fact that a third party i.e. the Housing Association has to be brought into the legal framework might also make them slightly wary. These type of mortgage scheme are popular with first-time buyers because they only need to find a fraction of the deposit ( 100% mortgages are available, however the last lender to offer 100% has announced that as of the 28/08/2008 they will be withdrawing from the 100% shared ownership market) and mortgage amount needed to buy a similar property on the open market. However, as house prices have risen, a much larger cross section of the general public are looking at shared ownership as a means of getter on the property ladder and therefore, some lenders will now offer 100% mortgages on shared ownership schemes. You will need to select a mortgage that is not only suitable to your type of purchase, but also one that fits in with your financial position. |
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