Shared Ownership Mortgages | Leicester
Imagine walking through the door of your very own home – a space that's uniquely yours, where memories are made and dreams take root. Yet, the prospect of owning a home might seem like an unattainable dream due to daunting deposit requirements and hefty mortgage payments. That's where shared ownership mortgages come in, reshaping the landscape of homeownership and opening doors to a world of possibilities.
Last Updated: 11th August 2023
What is Shared Ownership?
Shared ownership is a remarkable scheme that empowers you to purchase a portion of a property – typically between 10% and 75% of its market value – while paying rent to a landlord on the remaining share. This innovative approach makes it an ideal option for first-time buyers and those looking to take their initial steps onto the property ladder.
Why Choose a Shared Ownership Mortgage?
Shared ownership offers numerous benefits that can make owning a home more accessible and affordable:
Lower Upfront Costs: The reduced share purchase means a smaller deposit, making it easier to get started on the path to homeownership.
Monthly Costs: The combined cost of mortgage payments and rent is often lower than renting a similar property outright.
Staircasing: As your circumstances change, you have the opportunity to increase your ownership percentage over time, reducing the rent you pay.
Flexibility: Shared ownership properties are available in various types, from new builds to resale homes, ensuring there's a property that suits your needs.
Eligibility for Shared Ownership Mortgages
Before you embark on your shared ownership journey, it's important to understand the eligibility criteria. Generally, shared ownership is available to first-time buyers and those with household incomes below a certain threshold. Additionally, you must be in a position to demonstrate affordability and possess a strong credit history.
Imagine the joy of opening the door to your very own home, a place to call yours, where memories are made, and futures take shape. Shared ownership is more than a concept; it's a practical pathway that's within your reach. At Mortgages By Anna, we're here to turn your dreams into a tangible reality. Let's begin this exciting journey together, hand in hand, towards the home you deserve. Contact us now, and let's make your homeownership dream a reality!
Ready to assess your Shared Ownership Mortgage options?
Ready to embark on the path to homeownership through shared ownership? Now is the time to take action. Contact us on 0116 3262610 or send an enquiry using the form below. Let's discuss your goals, assess your eligibility, and create a tailored plan that aligns with your aspirations.
Contact us.
Fill in the form on the right, and we’ll get back to you as soon as possible.
Click to read our ‘Just in Time Statement’ to find out how we use and store your data.