Popular Scenarios for Shared Ownership in Manchester
We frequently get questions and enquiries from a customer wanting information regarding the Shared Ownership scheme in Manchester. below we listed some of the most popular questions our Mortgage Advisors in Manchester get asked repeatedly.
Do I need a deposit?
We tend to find some customers are under the belief that they will not need to put down a deposit for a Shared Ownership in Manchester. This is false, you will need to put down a deposit for this mortgage type. Almost every mortgage type out there require some form of a deposit to put down.
How the shared ownership works are, your mortgage will be taken out on the percentage of the property you own. As such, your deposit will directly reflect this. For example, if your property was valued at £300,000 and you wanted to buy a 50% shared, you need to put down a deposit for the £150,000 you would be paying for.
If you put down only 5% deposit, your £150,000 would be on a 95% loan-to-value. If you can afford to put down more, you’ll have access to a wider range of mortgage deals and also lower your potential mortgage payments.
Can I increase my share of the property?
This type of practice is known as staircasing. This is when a homeowner can raise the share they own, at any time.
If you are only in ownership of 25% of the property initially, you will have the option, to purchase a further 25%, should it be affordable in the future.
Increasing your share will lead to making lower amounts on your rental costs, though your mortgage payments will stay the same.
Are there any other fees that come with Shared Ownership in Manchester?
When taking out a Shared Ownership in Manchester, make sure to be aware that you are paying off both a mortgage and rental fees simultaneously. At the same time, you will be paying background rent and service charges because as we said Shared Ownership homes are leasehold.
We highly recommend that you take out a property survey too. If the property has any issues, it’s important that you know of these in advance. One of our dedicated Mortgage Advisors in Manchester will inform you of the most suitable survey to take.
Can you take out a Shared Ownership mortgage on any property?
The Shared Ownership Scheme is only able to be used on specific properties in Manchester that are owned by housing associations or builders. Some properties in Manchester may have been built specifically for this scheme.
One of our open and honest Mortgage Advisor in Manchester will be able to explain these in further detail of the Shared Ownership Scheme to you. Book your free mortgage appointment today and get started on the process of a Shared Ownership in Manchester.
Why Choose us for Shared Ownership Mortgage Advice in Manchester?
Mortgage Experts – Shared Ownership in Manchester
Our Mortgage Advisors in Manchester have a vast knowledge of helping home buyers and homeowners in Manchester get onto the property ladder. This is no different for those who are looking to get a mortgage with a Shared Ownership in Manchester. During your free mortgage appointment, a member of our team will explain the scheme to you and help you determine your eligibility.
Here at Manchestermoneyman, we are proud of the high level of service that we have provided to all new and existing customers, which you can read about in our genuine customer reviews. Customer satisfaction is always at the forefront of what we do here.
Our team work hard to provide our customers receive the highest level of customer service. This can be demonstrated in our appointment availability, offering appointments from early until late at night.
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Utilising our booking service, you will be able to book a free appointment at a time that is most suitable to work around your time frame, subject to availability. Our Mortgage Advisors in Manchester workaround from morning until late, 7 days a week, including weekends.
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Here at Manchestermoneyman, we have access to a large panel of high street and specialist lenders. This allows us to tailor our service and find you the most suitable mortgage deal for your circumstances.
As a Mortgage Broker in Manchester, we have a lot of experience in the mortgage world, having done this now for well over 20 years. We have likely encountered a situation similar to yours before, so we can use our knowledge to assist you as best as we can. Please get in touch and we’ll see how we can help.