Shared Ownership Mortgages Gravesend & Kent
Thameside Mortgages help to secure shared ownership mortgages in Gravesend, Kent, and the surrounding areas, with access to over 90+ lenders.
With the Shared Ownership scheme, you can purchase between 25% – 75% of a property, but will also have the option to buy a bigger share in the property at a later date.
This scheme is aimed at people who don’t earn enough to buy a home outright. Most of the homes available are newly built, but some are properties being re-sold by housing associations.
To help First Time Buyers onto the property ladder, it was announced by the Chancellor in the 2018 budget, that there will be no Stamp Duty payable for First Time Buyers on properties up to £500,000.
What Are The Steps Involved?
We are highly experienced in arranging Shared Ownership mortgages for our clients.
We have access to a comprehensive range of mortgage lenders, all of which have vastly differing criteria. Therefore, it is important that you use a company that can research all the options to find the best mortgage product based on your needs and requirements.
We usually arrange a chat with you over the phone initially and help you understand the amounts you can borrow, costs of buying a property and the likely monthly payments.
We will summarise our entire conversation to you by email and explain the next steps in terms of helping you obtain a mortgage.
Once we have all the necessary information, we can obtain an AIP (Agreement in Principle) which you can use to show estate agents, evidencing your ability to obtain a mortgage. We are more than happy for you to provide our contact details to the agent/developer, should they need your offer to be ‘financially qualified’.
Once you have an offer we will help secure the right mortgage deal based on your needs and requirements and liaise with the estate agent, mortgage lender, solicitor, surveyor and all associated parties to ensure that the mortgage offer is issued as quickly as possible. We will also help you with all the legal forms that need to be completed and guide you right through to getting the keys to your new home.
Shared Ownership Mortgages – FAQs
What is a shared ownership mortgage?
A shared ownership mortgage is a type of mortgage that allows you to buy a share of a property, instead of the whole property. After you secure a shared ownership mortgage, you’ll pay a mortgage on your share and then pay rent on the remainder. There are many advantages to this type of mortgage and with current interest rates soaring, this is becoming more and more appealing to first- time buyers in particular. In terms of the percentages, you may be able to purchase between 25% and 75% of a property (10% on some homes). All shared ownership homes (houses and flats) are leasehold properties.
What are the main advantages?
There are many advantages to shared ownership mortgages and many reasons you may want to seriously consider this option. The first benefit is that it gives you the opportunity to own your home even without a large deposit which may or may not be possible for you. Secondly, you can buy the part of your home you’re currently renting at a later date, if your financial situation changes. Therefore, it’s extremely flexible.
How do I find the best shared ownership mortgage?
When it comes to finding the best shared ownership mortgage, partnering with a trusted and reputable mortgage broker in your area is invaluable. Here at Thameside Mortgages, we have helped hundreds of clients to secure a shared ownership mortgage throughout Kent and Bedfordshire. We have access to dozens of lenders that offer this type of mortgage.
Can I get a shared ownership mortgage if I'm self employed?
Yes, absolutely. We specialise in self-employed mortgages, as well as Shared Ownership mortgages. Although getting a self-employed mortgage seems daunting, our experts will help you understand the amounts you can borrow, the documentation needed to evidence to a mortgage lender and will ultimately seek to obtain a formal approval from the mortgage lender.
How do I qualify for a shared ownership mortgage?
Great question, and this is one we are asked regularly at Thameside Mortgages. Essentially, Your annual household income needs to be less than £80,000 (or £90,000 in London). You’ll also need to prove that you can afford to pay the deposit of the equity share you are buying which is normally between 5-10%. Typically, shared ownership properties are for first-time buyers, but they are also
for next time buyers who cannot afford to buy a property now.
If you own a home, you should have already sold your property STC (Subject to Contract) i.e. the sale has been agreed (not necessarily completed). You can also check your eligibility on the government website.
Do you have a shared ownership mortgage calculator?
We don’t have a shared ownership mortgage calculator to hand, as it requires a little more detail than a standard mortgage affordability calculator. However, one of our team will be able to advise of your borrowing power during a no-obligation consultation. We’ll help you to understand.
Why choose Thameside Mortgages?
We pride ourselves on the close relationships we build with our clients and being an integral part of the journey. We believe in educating our clients towards making the right decisions. We are proud to be a 5-star rated mortgage broker that offers a comprehensive and professional service.