Affordable Housing / Shared Ownership / Shared Equity Mortgages
If outright purchase isn’t an option there are still far better alternatives to renting. Shared ownership allows you to buy an initial share of a property that you can afford. This means that you can get into home ownership in manageable stages. In the future you can simply sell your share for its value at the time. Alternatively you can buy further shares in your home, until you own it outright. Initial shares can vary between 25% - 75% of the current value of the property. In the future you can simply sell your share for its value at the time. Alternatively you can buy further shares in your home until you own it outright.
Shared Ownership Mortgages are a niche area of the mortgage market and Expert Financial are a specialist in this area. We are currently a recommended Mortgage Broker of Keyhomes East (Befordshire Pilgrims Housing Association) and Orbit First Step.
Shared Equity is similar to Shared Ownership in that you are able to purchase a property for a lower amount. However with shared equity you actually purchase the whole property and the developer or housing associate retain an "equity stake". For example you may pay £120,000 for a property worth £160,000 and the developer keep a 25% stake. You will then repay the 25% based on the market value when you sell. You can also choose to buy out the equity share at any time based on the market value at that point.
Shared Equity Mortgages are also limited to just a few lenders. Expert Financial having been arranging shared equity and shared ownership mortgages for several years and pride ourselves on being up to date with all the latest affordable housing products and mortgage lender criteria.
For more information on Shared Ownership Mortgages contact us.
For more information on affordable homes throughout central, southern and eastern England contact Contact Keyhomes East