Shared Ownership

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Shared Ownership Mortgages

Shared ownership mortgages are aimed at helping first time buyers to get onto the property ladder in a bid to bridge the gap between earnings and property prices.

According to National Statistics first time buyers account for approximately just 10% of new buyers. Therefore, buying with other family members, friends or a housing association presents an attractive solution.

Pros of shared ownership mortgages

The shared ownership mortgage is becoming more popular due to the current housing market and high valuations. As more people turn to shared ownership the lenders are beginning to see the necessity of offering new products to cater for this market. Consequently, there are a number of new products on the market aimed at this sector

Monthly repayments will be more affordable if they are shared between more applicants.

Over half of the UK mortgage lenders will accept an application for shared ownership for up to four individuals.

Cons of shared ownership mortgages

You need to be certain that you can live over a long period of time with the person or people you are applying with

Trust is essential when applying for shared ownership mortgages. If you can’t trust your fellow applicants it is extremely unlikely that you will be able to live with them for a prolonged period of time.

You will probably have to commit to a property for a minimum of around 2 years, this can seem like a long time if you have a radically different

lifestyle to your co owner.

For further information of shared ownership mortgages call Lifestyle Solution on

0845 25 75 485

or complete our call back form and we will call you at a more

convenient time.

This website is provided as an independent marketing website.

We are neither a mortgage lender nor an independent financial adviser and, as such are unable to offer financial advice

Enquiries generated via this website are passed on to independent financial advisers and mortgage/loan brokers.

Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage