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Shared Ownership in Manchester

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Shared Ownership in Manchester

Your path to property ownership starts here, discuss your Shared Ownership mortgage options with an expert advisor today.

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Mortgage advice for those looking at Shared Ownership in Manchester.

The Shared Ownership Scheme allows you to take out a mortgage on a smaller percentage of a property, while the remaining percentage is owned by the local authority or builder. The average you’ll have to purchase is somewhere between 25-75% share of the property, but some lenders may allow going as little as 10%.

Since you’ll own a small percentage of the property, you are required to pay a monthly rental fee to the proprietor of the remaining shares. Since all Shared Ownership homes are classified as leasehold, you are required to pay ground and service charges.

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Shared Ownership in Manchester

What are the requirements for Shared Ownership in Manchester?

Here at Manchestermoneyman, we can check if you are eligible for a Shared Ownership in Manchester. Worry not, if you are unable to meet the criteria for a Shared Ownership you may be better suited for another Help to Buy Scheme instead.

  • You must be over the age of 18.
  • Your household annual income cannot be any higher than £80,000.
  • You should not have the capacity to afford a home on the open property market.
  • You cannot be in a mortgage or rental debt.
  • You must provide evidence of having a good credit history (this can be done by passing credit checks and affordability assessments).

If you require open and honest mortgage advice in Manchester regarding the Shared Ownership Scheme. We recommend you check out our video below or continue down the page to see our Shared Ownership FAQs.

Do I need a deposit for a shared ownership in Manchester?

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.

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Shared Ownership FAQs in Manchester

Does shared ownership mean sharing with someone else?

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While the term “shared ownership” includes the word “shared,” it doesn’t necessarily mean sharing the property with another person or household in the sense of cohabiting with someone. Instead, it means sharing ownership of the property with the housing association.

When you choose to buy a Shared Ownership home in Manchester, you’re essentially acquiring a fraction of the property. Your initial ownership share typically falls within the range of 25% to 75%. You’ll be responsible for a mortgage on the part you own and will also pay below-market-value rent for the portion you don’t yet own.

How does Shared Ownership in Manchester work?

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Shared Ownership is a government-backed initiative designed to assist people in Manchester in taking their first steps onto the property ladder, even when they may not have the means to purchase a home outright.

Can I get a Shared Ownership mortgage in Manchester with bad credit?

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While obtaining a Shared Ownership mortgage in Manchester with bad credit can present additional challenges, it is not an insurmountable task. Similar to standard mortgages, your eligibility for a Shared Ownership mortgage will hinge on the extent of your bad credit history and the specific criteria set by the lender.

Why use a mortgage broker in Manchester for a Shared Ownership mortgage?

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When seeking a Shared Ownership mortgage in Manchester, the expertise of mortgage advisors in Manchester can prove invaluable. They are here to guide you through the entire process, helping you identify the most suitable deals and tailoring options to align with your specific requirements. Our mortgage advisors in Manchester will provide you with expert mortgage advice in Manchester, will also provide thorough explanations of the mortgage terms and conditions, ensuring that you secure the most suitable mortgage available to you.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

During your free appointment with a mortgage advisor in Manchester, they will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Manchester, as well as assess your mortgage affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you.

Submit Your Help to Buy Application

Step 3

Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.

Protecting You and Your Mortgage

Step 4

Our service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Manchester

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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.

Customer Service

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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.

Book Online – Simple & Easy

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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.

1000’s of Deals

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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.

Malcolm and Amy Davidson - Mortgage Advice in Manchester

Shared Ownership Mortgages in Manchester

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
Precise Logo
Pepper Money
Mortgage Works
Coventry Building Society
Natwest Mortgage Advice
Newcastle Building Society
Kensington Logo
Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Popular Scenarios for Shared Ownership in Manchester

Can I increase my share of the property?

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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?

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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?

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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.

Mortgage Guides & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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