Mortgage Scheme Guide
Shared Ownership Mortgages
A Shared Ownership mortgage is a type of mortgage that allows you to buy a share of a property (usually between 25% and 75%) and pay rent on the remaining share to a housing association or other designated provider. Shared ownership mortgages are designed to help first-time buyers and people with lower incomes to get onto the property ladder by making it more affordable to buy a home.
With a shared ownership mortgage, you would take out a mortgage to buy the share of the property that you can afford, and pay a subsidised rent on the remaining share. For example, if you buy a 50% share of a property worth £200,000, you would take out a mortgage for £100,000 and pay rent on the remaining £100,000 share.
You can usually increase your share of the property over time by buying additional shares, known as “staircasing”.
Right to Buy Mortgages
A Right to Buy mortgage is a type of mortgage that is designed specifically for council or housing association tenants who wish to purchase the home they are currently renting from their local authority or housing association.
Under the Right to Buy scheme, eligible tenants have the right to purchase their rented property at a discounted price, which is usually based on the length of time they have been a tenant. Right to Buy mortgages are specifically designed to help tenants access the funds they need to purchase their home through the scheme.
Right to Buy mortgages are similar to other types of mortgages, in that they are usually long-term loans that are secured against the property being purchased. The amount that can be borrowed through a Right to Buy mortgage will depend on a range of factors, such as the value of the property, the borrower’s income, and their credit history.
As with any mortgage, it’s important to carefully consider your options and seek professional advice before taking out a Right to Buy mortgage. This will help ensure that you choose the right mortgage product for your needs and circumstances, and that you are able to meet your mortgage repayments over the long term.
Shared ownership mortgages can be a good option for people who are struggling to save for a deposit, as the deposit required is typically lower than for a traditional mortgage. They can also offer more affordable monthly payments, as the rent paid on the remaining share is often lower than the equivalent mortgage payments.
It’s important to note that not all properties are eligible for shared ownership, and there may be restrictions on the percentage of the property you can buy and the housing associations or providers that are available in your area. It’s important to carefully consider your financial situation and the terms and conditions of the shared ownership scheme before deciding if it is right for you.
Help to Buy: Mortgage Guarantee Scheme
The UK government has extended the mortgage guarantee scheme until the end of December 2023. This scheme provides support for those who are looking to buy a home with a small deposit. The government guarantees a portion of the mortgage, making it possible for borrowers to secure a mortgage with as little as a 5% deposit on a property’s value. This scheme is intended to help first-time buyers and those who struggle to get a mortgage due to a lack of available funds for a large deposit.
The scheme has already helped over 24,000 households up to November 2022. The scheme has also supported the wider housing sector, which suffered during the COVID-19 pandemic. Lenders reduced the availability of high Loan-to-Value products during the pandemic, with just eight 95% LTV products available in January 2021. The government’s mortgage guarantee scheme has helped restore competition and consumer choice to the market, which has benefited businesses and boosted the market.
The mortgage guarantee scheme is available to anyone looking to purchase a residential property in the UK with a mortgage of up to £600,000. It is available for both new-build and existing properties and to both first-time buyers and home movers. The borrower must have a deposit of at least 5% of the property’s value, up to a maximum of 95%. They must pass affordability checks and satisfy the lender’s other lending criteria, such as credit history and income. The property must be the borrower’s primary residence and not a second home or buy-to-let property.
Despite the guarantee, borrowers will still be responsible for making mortgage payments and complying with the terms of the mortgage agreement. The scheme has helped many people get onto the property ladder who would otherwise struggle to do so due to a lack of available funds for a large deposit.
First Homes Scheme
The First Homes scheme is a new initiative launched by the UK government to provide discounted homes for first-time buyers and key workers. The scheme is aimed at helping those who would otherwise struggle to get on the property ladder due to high house prices.
Under the scheme, first-time buyers will be able to purchase homes at a discount of at least 30% off the market price. The discount will be funded by a combination of developer contributions and Section 106 agreements, which require developers to provide affordable housing as part of their planning permission.
The First Homes properties will be available to eligible buyers who meet certain criteria, such as being a first-time buyer, a key worker, or a member of the armed forces. The scheme is also open to local residents and those with a connection to the local area.
To be eligible for the scheme, buyers must have a household income of less than £80,000 per year (£90,000 in London) and must be able to raise a mortgage of at least 50% of the discounted purchase price. The maximum purchase price for a First Homes property is £250,000 (£420,000 in London).
Lifetime ISA
The Lifetime ISA (LISA) is a savings account designed to help people save for their first home or for later life. To open a LISA, you must be between 18 and 39 years old.
You can save up to £4,000 each tax year, and the government will add a 25% bonus to your savings, up to a maximum of £1,000 per year. This bonus is paid into your account at the end of each tax year.
You can use the money in your LISA to buy your first home, as long as the property costs £450,000 or less, and you are buying with a mortgage. You must have had the LISA open for at least 12 months before you can use it to buy a property.
If you’re buying with another first-time buyer who also has a LISA, you can both use your LISAs towards the same property, effectively doubling your bonus.
However, if you withdraw money from your LISA for any reason other than buying your first home or withdrawing after age 60, you will be charged a penalty of 25% on the amount withdrawn. This means you will get back less than you put in, including the government bonus.
Help to Buy: ISA
A Help to Buy ISA is a savings account for first-time buyers in the UK that offers a government bonus towards the purchase of a home. For every £200 saved, the government adds a £50 bonus, up to a maximum bonus of £3,000.
When it comes to getting a mortgage, having a Help to Buy ISA can be beneficial as it can be used as a deposit towards the purchase of a home. The bonus is only paid upon completion of the purchase, so it cannot be used for the initial deposit or exchange deposit. However, the money saved in a Help to Buy ISA can still be used towards the initial deposit.
The maximum purchase price for using a Help to Buy ISA to buy a property is £250,000 outside of London and £450,000 in London.
It’s worth noting that the Help to Buy ISA closed to new accounts on 30 November 2019. However, those who already have a Help to Buy ISA can continue to use it to save and claim the government bonus until November 2029.
The scheme is being rolled out gradually across the UK, with the first wave of properties launched in June 2021. The government has committed to building at least 1,500 First Homes properties by March 2022, with the aim of providing at least 10,000 homes per year in the future.
The First Homes scheme is intended to provide a long-term solution to the UK’s housing affordability crisis by making it easier for first-time buyers and key workers to get on the property ladder. By offering discounted homes, the scheme aims to create more sustainable and inclusive communities, with a mix of affordable and market-rate housing.
The Financial Conduct Authority does not regulate building surveyors.
Thameside Mortgage Ltd are not regulated by The Royal Institution of Chartered Surveyors, we do not have any involvement in the provision of this type of service / activity. We are not qualified surveyors and the information provided on this website is for informational purposes only. The information provided is not intended to be a substitute for professional advice, inspection, or survey.
It is important to seek professional advice and to undertake a proper survey/inspection before making decisions or taking actions related to a property.
What Our Clients Are Saying
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Andrew & Laura were amazing at Thameside Mortgages. They were able to secure us a mortgage after we purchased the property, so only a few lenders were available to us. We were happy with the mortgage they recommended. The conveyancer wasn't the best, but Andrew & Laura pushed that side too. This is the second mortgage I've got through Thameside Mortgages and I will definitely use them again! Can't recommend them enough. Fantastic service, always available and happy to help. Thanks guys 🙂
paul sharp
Brilliant service from start to finish. Andrew and the team were friendly, knowledgeable and available at every step of the way during the remortgage process ensuring it went smoothly and were always available to help. Would thoroughly recommend.
Pietro Boffa
We used Thameside Mortgages for our recent mortgage application and cannot speak highly enough of Andrew and his team. They were professional and attentive from the outset and helped us through every step of the process. Andrew consistently communicated with us throughout to ensure the process was as easy and streamlined as possible, and we felt we received a completely personal service. I wouldn’t hesitate to recommend Thameside Mortgages for anyone considering a mortgage application in the future and will definitely utilise their service again.
Sarah Blanks
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Absolutely the best, most helpful and speedy broker I've ever worked with - Thameside sorted everything including finding the right mortgage and insurances for me, guiding me through the applications and keeping me posted throughout the process. Particular thanks for their endless patience with me dithering over every decision, but because of their honest and clear advice, I'm completely comfortable I've made the right choices. I really couldn't recommend these guys enough!
Kate D
Andrew and the Team were not only extremely knowledgeable in their field, but extremely professional and thorough throughout the process. I can't recommend the team enough and would strongly urge engaging the team for your mortgage and life insurance management. Thank you Thameside Mortgages.
Matthew Harrison
Thameside Mortgages have been outstanding. Very helpful and prompt. They helped me when no one else would. I recommend Thameside Mortgages to anyone who is looking to get a Mortgage!
jack foreman
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Andrew and the team at Thameside Mortgages provided a fantastic service throughout our re-mortgage process. From detailing how it all works and what steps we have to take along the way with taking care of our best interests. Andrew was also able to sort out life insurance for me and my partner ensuring we are protected with what we seemed necessary. I very much look forward to using Thameside Mortgages in the future and would recommend anyone else to do so.
Jordan Smith
Andrew and his team are great to work with! They are very knowledgeable and have been very helpful throughout the whole process!
Yafet Cole
We brought our first home nearly 2 years ago, we had Jason Harris as our advisor. I can’t put into words how much he helped from the very first call to present day with our remortgage and life insurance. Jason has been incredible from the get go, it felt as though we didn’t have to do anything really, as he found everything for us and gave multiple options so all we did was say yes or no. He broke everything down and explained things in such a simple way for us to not get too overwhelmed. He made everything feel stress free and simple, as well as finding us an incredible offer twice he has also found cheaper life insurance policies for us which is something I didn’t even think to do, he has saved us £100’s of pounds overall with our new offers. Really appreciate having him as our advisor and he’s a really helpful and lovely guy. Thank you Thameside & Thank you Jason.
chelsea melbourne
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I genuinely can't thank Andrew and Laura enough for all of their hard graft through a very stressful process! The sleepless nights have been totally worth it!! I couldn't have done this with out your superb guidance. Professional, caring, excellent communication, explations to a solo first time buyer that doesn't always understand the jargon that comes with process. I was told by several people I didn't earn enough, needed a partner, better paid job to get on the property ladder. Andrew took this as a challenge and found me an excellent mortgage deal, twice!! I am so, so happy that I chose them to make this a lot easier. I genuinely can't recommend Thameside Mortgages enough. Forever grateful!
Lauren Cosgrove
I've been working with Andrew and his team for a few years now. After recently completing a re-mortgage with Thameside I thought I'd leave a quick review to help others looking for help with the mortgage and to show my appreciation to everyone at Thameside. Their customer service is fantastic. Each time the process is completely stress free. The team are knowledge and always willing to go above and beyond to help make the process go smoothly. They take the time to explain the products they offer in a way that is easy to understand. They are profession and personable at the same time. I especially like the person touches the team do, like sending a thank you card on completion. I would highly recommend the services they offer. Keep up the good work Thameside.
Surj
After the purchase of our property we were in search of a good mortgage broker and our estate agent recommended Andrew. After speaking to Andrew we were confident we had found the right person to entrust finding us something as important as our first mortgage. We provided Andrew with all the necessary details and with his extensive experience and knowledge in this field, he was able to find us a very good mortgage deal. It was a pleasure working with Andrew and he was there to help and support us from the initial stages of the mortgage to the final completion day. When we needed to remortgage, Andrew helped us find another good deal, providing the same care and support as before. I would definitely recommend Andrew to anyone who is looking for an experienced and professional yet very approachable and friendly expert broker who will help guide them through the whole mortgage process. Thank you so much Andrew and Lydia for all your help recently.
Pam Mehroke
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This is the 3rd time I have used Thameside Mortgages , I was so impressed with their professionalism and quick response. They helped me through every step of the way and continue this service after completion. It was such a pleasure throughout the whole process , I would definitely recommend this company to all my friends and family . Mrs Pamela Payne
Pamela Payne
Thank you to Thameside Mortgages to Laura and Andrew, helping me get the mortgage, they were both very professional. The mortgage was smooth and efficient. I had difficulties with the solicitor, but Laura and Andrew have been there to support me throughout. I will definitely be in contact for a future mortgages. Happy to recommend to anyone.
chong brown
Introduced to Mr Sheen in 2016 and using his services for me and my family since then. When I was looking for the second mortgage, I was unable to find him at his earlier employers, as he had meanwhile started Thameside Mortgages. I spent two days on internet, found him and contacted. I appreciate 7 respect his services, integrity & professionalism.
Rajen Saraswati
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I could not recommend Thameside Mortgages More! Andrew is always fantastic to deal with, he is always extremely responsive, supportive and helpful! Thanks to the team at Thameside and Andrew for your constant support!
Larissa Tait
Andrew and Laura were attentive to all our needs and gave us all the facts to help us make informed decisions. They were more than happy to answer our many many questions and always did so in a very timely manner. We had some issues with our solicitors taking too long to action paperwork but both Andrew and Laura chased things up on our behalf. The support and guidance along the way was definitely appreciated. We shall definitely use Thameside Mortgages again!
Alison King
Thameside Mortgages have been fantastic. They helped me through the whole mortgage process and were totally supportive. I was not only trying to buy a house but also remortgage my old one at the same. I can t tell you how stressed I was but Andrew and Lydia were amazing and walked me through the whole process. They will always do their best to help you. Believe me you are in safe hands with them. Thanks Sharon
Shaz Call
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Andrew and Laura provided an exceptional service and my partner and I are extremely grateful for their services. They were both on hand to answer any questions or queries without hesitation and provided clear, concise and accurate information. As first time buyers and with one of us being self employed, it proved extremely difficult for us to get a mortgage (especially in a pandemic), however Laura and Andrew both went above and beyond to ensure we were looked after and for that we are extremely thankful.
Hazel McCarthy
My partner and I have used Andrew and his team several times now and will continue to do so, or recommend him, wherever possible. Whether it’s a mortgage, buildings, contents or life insurance, Andrew and his team, without fail, go above and beyond in delivering an exceptional service and client experience from start to finish. Andrew and his team respond speedily by email and/or make themselves available to speak directly. Their insight is incredibly valuable and offer kindness and patience too at a time when decisions can be more challenging. Additionally, Andrew has offered suitable products where other advisers have been unable. Thank you Thameside - you are absolutely our ‘go to’ and your service is genuinely appreciated at a time when it is needed!
Claire Shepherd
From start to finish Thameside Mortgages have been available and very helpful in guiding us through not only moving house, but also remortgaging in these difficult times. I can’t tank Andrew, Laura and Lydia enough for their care and fantastic work ethic! Will definitely be using them in the future!!
Chris Bassett
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Having used a number of mortgage advisors in the past, I can say that Thameside were a breath of fresh air. We have an unusual situation and were told we couldn’t get what we needed from other advisors. Thameside were able to arrange a mortgage and kept us updated constantly and were available any time to discuss all the usual issues. Highly recommend to anyone looking for a mortgage.
Christian Willmore
Andrew and his team did an amazing job on our mortgage and the surrounding process. We had our offer in principle within 24 hours of contacting them. The on boarding was seamless and laura kept us updated with progress from our solicitors throughout the wider conveyancing process which means we were always well informed. I would not hesitate in recommending them to anyone
Phil Wrigglesworth
Andrew and Laura at Thameside Mortgages were incredibly helpful in guiding me through the home buying process. They answered all of my questions and were in regular communication with me throughout. They were invaluable with also helping to communicate with my solicitor to ensure that my purchase went well. I can highly recommend them to anyone looking for a friendly, knowledgeable and professional advisor.
yordanos yimmesghen
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First class and professional service. The advice given on various mortgage products, terms and insurance options were excellent. Throughout the sale/purchase they were in constant contact with my solicitor and estate agent, and kept me up to date regularly. Would highly recommend.
Nick Harris
Thameside were amazing! Made the process completely stress free and felt informed throughout. I’ll go with them every time.
Ellie Blackall
Andrew & Laura at Thameside Mortgages were an absolute godsend. Having them as our Mortgage Broker was so worth the money. They had excellent communication, were brilliant at chasing our lender and keeping things moving quickly, they were also fantastic at finding the best mortgage deal and helping you with every step of the way. They made the whole process so much easier, especially as we were first time buyers and had no clue what we were doing. They help you with all the paperwork and make the process far less overwhelming. I cannot recommend them enough, book them you will not regret it.
Nicholas Anscombe
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I had heard great things about Thameside Mortgages before we used them to buy our new home, and they certainly did not disappoint! Andrew and his team were friendly, thorough and efficient from start to finish, which made what initially felt like a daunting process completely stress free. The team went above and beyond on multiple occasions, including to resolve a couple of unforeseen issues that we encountered with our mortgage application, proving that we couldn’t have done it without them! I will definitely be using them again for any future house purchase / remortgage.
Michaela Peck
Great service from start to finish, made the whole process very smooth and easy
Chris Lewis
Thameside Mortgages have been nothing but patient, informative and thorough. Andrew and Laura have been great, providing continued support and really taking the time to explain all the questions we sent their way. Their knowledge and expertise is apparent straightaway. Would highly recommend!
Rosie Woods
