Mortgage facts Southampton Hampshire - Amicable Mortgage Services Ltd

Mortgage Shared Ownership

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Part-Owned Property

A local housing association may potentially offer to a borrower a part-owned property on a shared ownership basis. This is where the borrower will raise a mortgage on a percentage of the mortgage and pay the remainder as rent to the housing association.

Generally these schemes are aimed at a first time buyers. Some lenders may potentially except shares lower than 50% and with an impaired credit history. The borrower generally will take out a mortgage which is 100% of the share.

The lender will calculate the mortgage, other loans and the rental charges for income affordability. It is not possible to get extra on top of the 100% of the share for consolidation or furnishing.

The share generally 50% will then will able to be increased by increment amounts say 25% steps at a time called staircasing, until if desired the borrower will own the property out right. This a great way to get people on lower incomes on the housing ladder. For example key workers whom cannot afford the high prices in the London area.

If the property is sold the borrower may potentially receive a percentage of the increase in equity according to their share of the property. Also if the property has now increased in value the borrower can if the local housing association permits to remortgage and free up the equity in their share.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for introducing business, the precise amount of the fee will depend upon your circumstances and be confirmed in writing.
We do not offer regulated mortgage advice and are not authorised by the
Financial Services Authority who do not regulate some aspects of commercial finance, personal finances, buy to let and overseas property lending.

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