SHARED OWNERSHIP MORTGAGES

Borrow up to 100% of your Share.
Property Purchase and Re-mortgages.
CCJ's, Defaults and Missed Payments.
Purchase Extra Share of Property.
Experienced Advisers.

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COMPARE MORTGAGES

Applying for a mortgage can seem daunting. It can sometimes be a complicated and lengthy process and the choices can seem overwhelming and hard to comprehend. We understand and we are here to help you…

At the Money Hub we can advise and help you choose the right mortgage. We can even help you secure funds if you have a bad credit history. We will help you to understand the conditions of your mortgage, giving you a full detailed breakdown along with the lenders details. Naturally, the most important thing is to make sure you will be able to afford the repayments.

Shared Ownership Mortgages

MORTGAGE LENDERS

(not all lenders displayed - not specific to your personal circumstances)

Customer Reviews

FREQUENTLY ASKED QUESTIONS

How we work?
By making an enquiry we will contact you to discuss your needs and outline if we can be of assistance. We will then request a copy of your credit file for a qualified adviser to review. After a full review of your credit profile the adviser will discuss this with you, provide advice and discuss possible quotations.

If you wish us to proceed and get a ‘Decision in Principle’ we can do so. Once we have a decision from the lender we will discuss and email you a formal quotation and outline our process going forward.
What sort of bad credit do you accept?
We have lenders that will accept clients who have had County Court Judgements (CCJ’s), Defaults, Missed payments, Debt Management Plans (DMP), Individual Voluntary Arrangements (IVA) and discharged bankruptcy. The general rule is that any bad credit needs to be registered over a year ago.
Do I need a deposit / equity?
Yes. You will need a minimum of a 10% deposit however, this is does depend on the level of bad credit that you have, so for example, if you have had CCJ’s/mortgage arrears in the last 2 years you may need to have 15%+ deposit. If you are buying a property through a shared ownership scheme we have lenders that do not require you to have a deposit. If you are buying a property through the Help to Buy scheme we have lenders that can help you providing you have a 5% deposit to put down.
How long does a bad credit mortgage take to arrange?
Once a Decision in Principle (DIP) has been done the typical arrangement times from mortgage application to offer is 1 month. Specialist bad credit mortgages do take more time when compared to standard high street mortgages, due to the extra due diligence that is required on these cases.
I have a low credit score – does that matter?
No. We have lenders some of whom are high street Building Societies that will lend to you if you simply have a low credit score, due to not being on the voters roll or not having much active credit. If you have a low credit score as a result of bad credit (CCJ’s/defaults/missed payments etc) we certainly have specialist lenders that can help.
I have been declined by other brokers – can you help?
The key to this question is why you were declined. We provide an advised service, so if we cannot help you now, we will explain why and provide advice as to what you need to do to be able to get a mortgage in the future.

Shared Ownership Mortgages

A shared ownership mortgage is a Government scheme that helps first time buyers or previous home owners who are unable to buy currently. Shared ownership mortgages work by buying a portion of the property and paying a rent on the rest of the property. A buyer may initially opt to purchase 25% of the property with the remaining 75% is owned by the housing association or council.

To qualify for the shared ownership mortgage scheme your joint family income will need to be under £60,000 p/a and you will need to be either a first time buyer or in a position where you are unable to purchase a new home outright.

There exists a process called staircasing that allows the purchase of further shares of your house until such stage as you have purchased the entire property. The agreed sale price is via the housing association and will be dependent upon market conditions. That is, if your property has increased in value since your initial ownership then you will need to pay more, and if the property has devalued then you will pay proportionally less for your increased percentage of the property.

The big advantages of shared ownership mortgages are that you will not be paying rent so can afford to save some money whilst simultaneously being able to afford a bigger or more valuable home than perhaps you expected. Saved rent can be saved towards future investment in buying a larger share of your property. Disadvantages are in the potential sale of the property, as you do not own it all outright you will need to seek the advice and permission of the housing association, as you would should you wish to make any significant changes to the property such as new kitchens or extensions.

Usually a 5% deposit is required, which is much more affordable than the usual 20% deposit asked by traditional repayment mortgages. Many of the high street lenders offer shared ownership mortgages and it is usually better to seek independent advice before making any application.

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