Let Us Secure Your Path To Home Ownership
Shared Ownership Mortgage & Insurance Expertise
If you’re hoping to get on the property ladder with a shared ownership mortgage, the team at CIMS is here to help. We will compare deals from across the market and show you which ones you could be eligible for. We will then support you through the whole application process, so you could soon be unlocking the door to your new home.
What is Shared
Ownership?
Shared ownership is intended for eligible people who are looking to buy an affordable home suitable for their needs.
With shared ownership, you buy a percentage of a house and pay a discounted rent to a housing association on the remaining share that you don’t own.
This means a smaller deposit, and a smaller mortgage. A great way to help you get onto the property ladder.
You can buy more shares as and when it’s affordable to you, usually between 10%-75%, and eventually up to 100%. In most cases, you can own your home outright
Who Might Shared Ownership Appeal to?
Shared ownership is a halfway house between renting and buying, and it helps to reduce one of the biggest obstacles facing first-time buyers, those encountering a relationship breakdown or an ever-growing family, raising a large enough deposit.
For many people, shared ownership can provide a stepping-stone out of renting and onto the property ladder, and it can set you on the road to full home ownership.
How Does Shared Ownership Work?
Shared Ownership allows you to buy a portion of a property, and then pay monthly rent to the owner of the remaining portion – usually a housing association or other home provider. This is aimed at first time buyers, those with growing families, or other individuals who want to get on the property ladder affordably. This scheme does not require such a large initial deposit, which typically would be required when buying outright using a mortgage, for example. A buyer is able to purchase between 10% and 75% of their property.
On some properties, the minimum initial share may be higher than 10%. However, purchasers will need to buy the largest share that they can afford, as determined after we have assessed your financial profile. It effectively works like a mortgage – but is accessible to many more people, particularly those on lower wages. In addition, monthly rental and mortgage payments are likely to work out cheaper than renting from a landlord in the usual way.
Should I Take Advantage of the Shared Ownership Scheme?
The Shared Ownership scheme works for some, but not for all. Everyone’s circumstances are different, and for this reason we recommend speaking with us from the outset, and we’ll work with you to listen to your exact circumstances and provide bespoke advice tailored to your needs.
Find Out More
Please get in touch with us if Shared Ownership sounds of interest. It’s a complex topic and our advisers are here to help answer any questions you may have, and to help you understand if it’s something that is suitable for your individual circumstances. We’ll listen to your exact needs and be able to share bespoke, tailored advice to help you on your home buying journey.