Typically, clients we successfully assist with shared ownership mortgages tell us of the difficulty they have experienced in trying to arrange the most competitive mortgage finance on the home they wish to purchase under the shared ownership scheme.

Often they express their frustration in finding an appropriate lender, given the thousands of mortgages advertised nationally and the restrictions some lenders apply to loans on shared ownership purchases.

As a shared ownership mortgage broker, we are aware of the array of different comparison websites, direct lender deals and all the numerous brokers. They usually have seen some of the products which are available, but are concerned by all the additional charges made by lenders, increasing the overall costs on a mortgage deal.

You may have undertaken your own detailed research but maybe you have been left unsure how to conclude your mortgage search ? At Mortgage Chain we specialise in shared ownership mortgages and can help for new build purchases, refinancing, traditional purchase of 25% – 100% share and know the lender criteria inside out!

Mortgage Chain has access to a large selection  of shared ownership mortgages that allow you to purchase as little as 25% share in a sizeable housing association house; move straight in, and then increase your level of ownership over time.

The deposit amount is based on the amount of share purchased eradicating the need to have large deposits and Mortgages for a new home.

Overtime as employment prospects increase or your partner starts work for example, you can purchase your property in stages until you own the full amount.

The remaining share (that you do not own) you would pay a small rent to the housing association. This can be a fantastic solution to stay in the location you prefer and live in the property suited to your requirements.

Here is a list of critical items you must ensure are covered by the housing association that are selling the share. You can download this list as a PDF at the bottom of the list. Be sure to find out this information. 

How much is the rent going to cost ? Make sure you are provided with this information on how much rent is going to be charged on the % that is owned by the housing association.

How much are the service charges ? Make sure you are provided with this information on how much rent is going to be charged on the % that is owned by the housing association.

How much is the ground rent ? Make sure you are provided with this information on how much rent is going to be charged on the % that is owned by the housing association.

Does the housing association allow “Stair casing” ? Make sure you are provided with this information on how much rent is going to be charged on the % that is owned by the housing association.

Do they work with all the mortgage lenders ? Make sure you obtain a list of the mortgage lenders they work with as some have a list of lenders you can not use. Make sure we know who they are from the outset.

Are there any other associated costs or conditions ? Make sure you know every single cost associated with your purchase and any further charges should you increase your share later on.