shared ownership mortgage comparison

We have teamed up with John Charcol to offer you whole of market mortgage advice. As an independent mortgage broker, they have over 40 years’ experience in finding the best mortgage rates for every type of buyer. Simply complete the below form and one of John Charcol’s expert mortgage advisers will call you back for a free consultation. Alternatively, you can give them a call on 03717 052 543 at your convenience.

Compare shared ownership mortgages and shared ownership remortgage options.

What is shared ownership?

In short, the shared ownership scheme is where you own a percentage of a property and a housing association or similar housing provider owns the rest.  You take out a mortgage to purchase the portion you want and you pay rent on the portion you don’t own.  The amount you own will be determined by you when you purchase the property based on what you can afford.  Typically, you can get shared ownership properties where you own between 25% and 75% of your home. You can also ‘staircase’  which is where you buy a bigger share of your property from the housing association. You typically staircase by purchasing portions of 10% or more at a time.

How do I get a shared ownership mortgage?

Shared ownership mortgages are not currently offered as standard on the high street.  However, we are now seeing more lenders launching more specialist products as shared ownership is becoming more popular.  There are also a number of specialist providers who can help. 

Speaking to a mortgage broker can also help you to find out how much you can borrow based on your household income and outgoings.

Who is eligible for shared ownership?

Shared Ownership homes are available from a housing association or registered providers and allow first time buyers to get on the property ladder. They are also aimed at downsizers or those who used to own a home, but are unable to buy one outright at the moment.

You are eligible for shared ownership if you have a household income that is less than £80,000 per year (in London it is less than £90,000).

Is shared ownership the only affordable homes programme?

Shared ownership is one of the affordable home ownership schemes.

There are other home ownership schemes available such as the first homes scheme and rent to buy to name a few.

Do all lenders offer shared ownership mortgages?

The shared ownership scheme is quite specific and not all lenders will offer a shared ownership mortgage. That’s why it is important to get advice from expert mortgage advisers.

Why should I choose shared ownership?

Shared ownership allows middle and low income earners the opportunity to buy their own home 

You don’t have to save for a large deposit, it can make taking out a mortgage more affordable and you can potentially get on the home ownership ladder a little quicker. It’s also a great way to see if you could manage the full expense of owning your own home outright.

Is shared ownership a good scheme to get on the property ladder?

Yes as it allows you to part buy your home and rent the rest of it from a local housing association or housing provider.

It is a big decision to make buying a home so you need to have done your research to make sure that shared ownership is a good option for you.

Who are the shared ownership mortgage lenders?

You will need to speak with an expert shared ownership mortgage broker to understand what rates are available to you from which shared ownership mortgage lenders.

They can also advise you on the mortgage fees as well as the monthly repayments and the length of the mortgage. This will depend on a lot of factors including whether or not you have a good credit history. A mortgage broker can help you with this.

What loan to value will I need?

The loan to value ltv that you will need will depend on how much of a deposit you are putting down for mortgage.

How do I work out the mortgage for a shared ownership property?

Depending on the share you are buying will give you an idea on how much the mortgage will be for your share of the property. Bear in mind that you may be able to buy more of a share from the outset if you can afford it.

How much of the shared ownership property can I buy with a mortgage?

This will depend on the housing provider as they may have different options available. The more of the share you buy in your shared ownership home, the less the amount of rent you will need to pay to the housing provider.

Can I remortgage my current shared ownership property?

Yes, you will need to speak with a mortgage broker or provider to get more details on what the options are to remortgage your shared ownership property.



John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is St. Helen’s, 1 Undershaft, London, EC3P 3DQ. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.

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