Shared Ownership Mortgages Ashford Kent

Shared Ownership Mortgages For Kent Homebuyers

Our shared ownerships plans could provide a solution for you to get on to the property ladder.

In today’s uncertain economic landscape, it is extremely difficult for first-time buyers to secure a mortgage. If your goal is to get on to the property ladder, you may find you are faced with several obstacles.

Some first-time buyers fall at the first hurdle; the deposit. It is estimated that the average deposit needed to buy a house in the UK is somewhere in the region of £30,000-£45,000. This is out of reach for most people.

Shared ownership mortgages could provide a solution. The government initiative is designed to help buyers purchase a home that serves your needs. As a result, first-time buyers have the possibility of becoming a homeowner by placing a deposit as low as £2,500 and home owners can upgrade to larger accommodation that has more space for family members.

Not only do shared ownership mortgages increase your chances of securing a mortgage, but Freedom Mortgages & Protection Services also have access to a wide range of deals from a comprehensive list of lenders. Moreover, we offer impartial advice and explain complex terms in a language you understand. Our job is not only to find you the best mortgage but to also ensure you understand the financial obligations you are committing to.

What’s more, we have vast network of contacts which provides you with even more opportunity to invest in a home. With more than 20 years experience in the mortgage industry, our experts are here to help you achieve your dream and ensure you secure a mortgage that suits your short-term and long-term goals.

Kent's Home Movers Mortgage Experts

What is a Shared Ownership Mortgage?

Shared ownership mortgages is a government scheme which is primarily focused on helping individuals and families on a low income to access the property market.

The basic principle of shared ownership mortgages is the home buyer purchases a share of the home – typically a 25% minimum share. The remaining cost is deferred by the property owner and repaid in rent.

Mortgage lenders are more prepared to approve applications for shared ownerships mortgages because there is less risk involved for them. The

scheme also gives homebuyers more options in the housing market. This means you can buy a bigger home that is more fitting to your lifestyle and circumstances.

For example, you could buy small two-bedroomed semi-detached outright with a mortgage of around £100,000. However, you would need a minimum £10,000 deposit and maybe higher. With a shared ownership mortgage you can purchase a property worth £250,000 and only pay around £5000 deposit.

Mortgage lenders will still perform a suitability test which includes how much stake you have in the property and the monthly rental costs. Lenders are typically prepared to loan you a sufficient sum to buy a 25%-75% stake. You then have the option to purchase full ownership of the property in the future by staircasing to 100% ownership.

Ashford Based, Specialist Shared Mortgage Brokers

Shared ownership mortgages are typically more complex than traditional mortgages because there is a third-party involved. Our experienced advisors explain everything in detail so that you totally understand what your commitments are in a shared mortgage contract.

Moreover, we have access to a large number of shared mortgage deals that are not ordinarily available from high street lenders. That not only means we can find a deal that suits your circumstances, it also means you have the opportunity to buy a house in a higher price bracket.

Our free consultation service offers you advice and presents you with your mortgage options. Not only that, but we also calculate how much you could realistically lend so that you have a better idea of house prices you can target and plan for the future.

Contact our knowledgable mortgage specialists today and let us help you get on to the property ladder.

Ready to speak to us?

Fill in your details below and we will give you a call.

Download our helpful guides

Welcome Guide
Mortgage Guide
Protection Guide