Shared Ownership Mortgage Adviser in Essex
Own a home for a fraction of the full market price. Whether you are a first time buyer or moving home, Shared Ownership allows you to buy a share of a property with a much smaller deposit. We specialise in helping Essex residents navigate the Housing Association process.
What is shared ownership?
START BY Watching my shared ownership mortgage video
Why Shared Ownership Works for You
If you are struggling to save a massive deposit or find that your income doesn't stretch to a full market purchase, Shared Ownership could be the answer.
Thinking of Staircasing? Expert Advice on Buying More Shares
If you already own a shared ownership home in Essex and want to increase your share, we can help. Staircasing allows you to benefit from the growth in your property’s value and reduce the rent you pay to the Housing Association. We will find you the best remortgage deals to fund your additional shares and move you closer to 100% ownership.
The Benefits of Shared Ownership
Important Considerations to Keep in Mind
The Path to Shared Ownership:
Things you need to know about this scheme.
Shared ownership is a fantastic scheme into home ownership for first time buyers, single buyers, or those that need to stay in a specific area to be close to certain schools or family. Housing associations offer properties to purchase from their specific housing stock, you will be a part owner of the property and they will be a part owner of the property. Shares in the properties are normally offered at a starting point of 25% (this can start higher). In most properties the housing associations allow you to buy the maximum share that is affordable for you based on their in-house financial assessment. This could be as high as a 75% share. They do not allow you to purchase more than 75% share in the first instance when you buy the home as this scheme is to help people who cannot afford a full standard priced home and if you could own more than 75%, This suggests that you don’t need assistance from this scheme at the time.
Scheme eligibility
Shared Ownership is only available to households earning an income under specific household income caps. Details of the current household caps and scheme eligibility can be found on the government website for this scheme.
Shared ownership is available to both first-time buyers and next time buyers, however you can only own one home when purchasing on this scheme.
Frequently asked questions
What deposit do I need on shared ownership?
Shared ownership requires a much smaller deposit than standard property. On a standard home the minimum required deposit is 5%, on a shared ownership property, Generally the deposit required as a minimum is also 5%. However, this is calculated as a percentage of the share of the home you are buying and not a percentage of the whole value of the house.
Can I buy shares in my property?
Yes, in the first instance when you buy the home, you are limited to no more than 75% shares. After all if you could buy more than this you wouldn’t need the scheme.
Once you own there is no time limit or restriction on when you can buy more shares and once you own 100% of the property it is your home in the same way as a standard property would be. This process is called staircasing.
Owning more shares will also reduce the rent you pay the housing association.
Can I redecorate if I only own some of the property and can I have pets?
Yes, you are an owner of the property, the housing association do not have restrictions over the property like a landlord would, as you are a homeowner.
They do request that you keep the home in a good state of repair but there are no ‘spot checks’. They also ensure buildings insurance is paid on the property by including this as part of your service charges. This is good news for you as a commercial policy is cheaper but you may want your own contents policy, as your personal belongings and contents won’t be covered.
Can I get a shared ownership mortgage with bad credit?
Yes, there are specialist lenders that can assist with this scheme, the interest rates and deposit that you need depends on your personal situation and your credit history.
Can I get a shared ownership mortgage when I'm self employed?
Yes, see the self-employed pages on this website for more information on how self-employed mortgages are assessed or contact us directly for tailored advice specific to your circumstances.
What happens when I call?
Your initial conversation would normally take between 15 and 30 minutes depending on how many questions you have about the process. We will run through a quick understanding of the information above and your personal circumstances, to give us an idea of how we can help and discuss through the next steps of owning your new home with you.
What documents do I need?
Generally the documents that are needed are: proof of ID, proof of address, three months payslips and three months bank statements. For a full list and understanding click here for a more detailed breakdown. When buying on the shared ownership, before you can submit a full application to the lender the housing association will issue a memorandum of sale to confirm your allocation of the property, your shares your are buying and any rent or service charge. Lenders need to confirm this information for affordability.
The documents you need to provide ultimately will depend on your personal circumstances.
What are the next steps after your initial call?
After any documents requested have been sent we should be able to provide you with a fully costed recommendation for a mortgage and we will discuss this with you to make sure you understand and are clear on the costs and are happy with these. Provided you are happy to proceed, we will then approach lenders for your initial agreement in principle. This consists of a credit check.
When can I put an offer on a house?
Once you have a clear idea on your budget, have been agreed in principle by a lender for the mortgage amount you need, and you have the savings available for the deposit, you’re now in a strong position to put in an offer on the house that you want to buy. This is normally done via the estate agent.
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MORTGAGE ADVISeR in essex
Evergeen Mortgages is based in Upminster, Essex and provides mortgage advice.
Covering the majority of Essex including Brentwood, Shenfield, Billericay, Basildon, Chelmsford, Canvey Island, Dagenham, Epping, Hornchurch, Ilford, Ingatestone, Maldon, Romford, Southend, Upminster and Wickford.
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Evergreen Mortgages, 9 Stanley Road, Bulphan, Upminster, Essex, RM14 3RX
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LEGAL INFORMATION
Typically, a fee no greater than £995 is charged for mortgage advice on receipt of a mortgage offer or on successful completion. This would be confirmed in writing once a brief outline of your borrowing requirements have been established. Many of our competitors charge upfront fees for advising and processing applications, regardless of the outcome, whereas our fee is only ever payable on receipt of a mortgage offer or on completion.
Evergreen Mortgages is a trading name of AGA Mortgages who is an appointed representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 respect of mortgage, insurance and consumer credit mediation activities only.
We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service.
Please note that most buy to let and commercial loans are not regulated by the FCA and neither is some bridging finance. We shall advise if your specific finance requirement is classed as a regulated activity and therefore covered by the FCA.