Shared Ownership Mortgages in Spalding

Are you looking for Shared Ownership in Spalding? You’ve ended up in the right place. Talk Mortgage Broker Spalding is one of Spalding’s leading Mortgage Brokers, and we are here to help provide you with the best options for you.

What are Shared Ownership Mortgages in Spalding?

Shared ownership is a type of home financing option in the UK, including in Spalding, that allows homebuyers to purchase a portion of a property and pay rent on the remaining amount. This can be a good option for those in Spalding who need help to afford the total purchase price of a property or who do not qualify for a traditional mortgage.

Homebuyers must meet certain income and eligibility requirements to qualify for a shared ownership mortgage in Spalding. These requirements can vary depending on the specific housing association and the property’s location.

Who can apply for a Shared Ownership Mortgage?

You can buy a home through shared ownership if both of the following are true:

  • your household income is £80,000 a year or less (£90,000 a year or less in London)
  • you cannot afford all of the deposit and mortgage payments for a home that meets your needs

One of the following must also be true:

  • you’re a first-time buyer
  • you used to own a home but cannot afford to buy one now
  • you’re forming a new household – for example, after a relationship breakdown
  • you’re an existing shared owner, and you want to move
  • you own a home and want to move but cannot afford a new home that meets your needs

For some homes, you may have to show that you live in, work in, or have a connection to the area where you want to buy the house.

Buying your share in your Shared Ownership home

The share you can buy is usually between 25% and 75%. You can buy a 10% share of some homes.

You can take out a mortgage to buy your share or pay for it with savings. You’ll also need to pay a deposit, usually between 5% and 10% of the share you’re buying.

You can buy more shares in your home in the future. This is known as ‘staircasing’. If you buy more shares, you’ll pay less rent. The amount of rent you pay will be based on the landlord’s share.

How can Talk Mortgage Broker Spalding help me with Shared Ownership Mortgages?

Our experienced mortgage brokers will provide you with fully regulated mortgage advice by the most suitable means, whether in person or by telephone. We are an appointed representative of Openwork Ltd. With that, Openwork’s compliance departments frequently monitor our shared advice to ensure that our brokers deliver the most appropriate advice for every client. We have access to 70 lenders and over 23,000 mortgage deals.

Talk Mortgage Broker Spalding has your best interests at heart. Our mortgage brokers will search hundreds of deals from lenders across the country, looking for great rates and exclusive offers whilst also taking into account your financial situation as well as the reliability and reputation of the lender.

Who is Talk Mortgage Broker Spalding?

At Talk Mortgage Broker Spalding, we aim to provide you, the customer, with no obligation and helpful advice concerning your mortgage needs. The journey begins with a no-obligation consultation with one of our advisors, who specialise in comparing hundreds of deals to meet the needs of each client.

Our brokers will assist you with finding the perfect mortgage and applying for it, and then there to congratulate you at the end of the process. Advisors at Talk Mortgage Broker are there for new and existing homeowners, those looking to reduce their monthly spending, and professional investors.

Have a conversation with our friendly team today!

Getting the most valuable deal with a buy to let mortgage involves a fair bit of research and comparison. Talk Mortgage Spalding will do all the legwork for you – we explore your specific situation and find good value deals to meet your needs. We’ll look at rates, fees and criteria to recommend a suitable first buyer mortgage deal.

Contact us today for advice and recommendations on your Shared Ownership Mortgage options.

Because we play by the book, we want to tell you that… Your home may be repossessed if you do not keep up with repayments on your mortgage.