As you will only be purchasing a partial percentage of the property value, you will need to ensure that you seek out a mortgage compatible with shared ownership schemes at the best rate. Shared ownership mortgages are available from most mortgage lenders, however if you are considering shared ownership then you must seek independent financial advice in order to secure the best arrangement for you.
What is Shared Ownership and how does it work?
Shared ownership (also referred to as part buy part rent) is a low cost option that enables people to get their feet on the housing ladder. It’s particularly popular with first time buyers who haven’t been able to buy.
Shared Ownership for First Time Buyers
If you are a first time buyer, you will no doubt be aware of the large costs associated with purchasing your first property and getting yourself onto the property ladder. Shared ownership could provide you with an easier and more affordable route into home ownership.
Shared Ownership Mortgages
As you will only be purchasing a partial percentage of the property value, you will need to ensure that you seek out a mortgage compatible with shared ownership schemes at the best rate. Shared ownership mortgages are available from most mortgage lenders, however if you are considering shared ownership then you must seek independent financial advice in order to secure the best arrangement for you.
Shared Ownership Purchases in Birmingham
Buying a house, whether outright or via a shared equity scheme needn't be a stressful time for you - it should be an exciting time in your life and here at Sydney Mitchell we aim to make this the case.
If you are looking to purchase a shared ownership property in Birmingham, being local, we can assist you, liaise with the housing association on your behalf and arrange all of the required legal documentation for you prior to completion.
Purchases in Milton Keynes, London and Beyond
Shared ownership schemes are available right across the UK, commonly appearing in both Milton Keynes and London. Although we are based in Birmingham we are not however limited to providing a purely local service. So whether you are looking to purchase on a scheme in Birmingham, Solihull, London, Bristol or anywhere else in the UK for that matter, talk to us and we will assist you.
Talk to our Experienced Conveyancing Team Today about Shared Ownership Property Purchases on 0121 746 3360 or complete our online contact form
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