THE COSTS TO BEAR IF YOU SHARE - SHARED OWNERSHIIP “side-valuation-button"

09 May 2016

THE COSTS TO BEAR IF YOU SHARE - SHARED OWNERSHIIP

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Given the growth of rising house prices relative to earnings mean that many aspiring homebuyers are unable to afford to buy their own home - particularly if they’ve been renting for a significant amount of their working lives. But if it seems like an unobtainable goal, there are a number of relatively new schemes put in place in order to get more people into the housing market. And you will see more louboutin schuhe deutschland shop.

The government has put in place Help to Buy schemes, brought in various ISAs that boost deposits and so on, but also private developers and housing associations have been offering Shared Ownership. You should know this Louboutin Schuhe boutique is very famous.

Many of those looking for properties to buy will have noticed homes that are part of these various schemes, and for those with finances that just don’t seem to stretch for full ownership, it can certainly look attractive – especially since they are often new build homes. However, there is much variance within the market, and there are key things to look out for when considering putting a stake in a Shared Ownership property.

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So, what should you ask and what do you need to know if you want to consider Shared Ownership where you and a Housing Association are jointly responsible for your home?

Essentially, a buyer will secure a mortgage to buy from 25% to 75% of the property, and then pay rent on the remaining share to whoever owns the building. There are also options to buy a larger share in the property. This works as a hybrid of owning property and renting property – with some of the benefits but also cons of both scenarios.

Key things to look out for when considering this option are:

  • Renting or subletting is unlikely to be an option
  • Housing provider has first refusal if you want to sell the property
  • Since most of the properties are leasehold, maintenance charges may apply
  • Rent that you pay on the portion of the property you do not own is not fixed

With that said – affordability being an issue for so many people – owning a portion of the property that can rise in value may at least be better than remaining in the rental sector. Stability is also a factor here – a young family in the private rental sector may not feel particularly secure with a 6-12 month tenancy – with Shared Ownership a longer term home is secured.

ARE YOU ELIGIBLE?


If you’re considering a Shared Ownership property, be diligent and ensure that the sums work – for some people this could be the right option, but a proper analysis of the costs involved is absolutely essential.

Not all mortgage lenders are willing to lend for shared ownership mortgages. If you’re thinking of purchasing a shared ownership property, speak to one of our advisors at The Mortgage and Insurance Bureau.


Your home may be repossessed if you do not keep up repayments on your mortgage. We do not charge a fee for residential mortgage advice; however, there is an administration fee for processing each of your residential mortgage applications.


The typical administration fee is £195; however the actual fee will depend on your circumstances.


The Mortgage & Insurance Bureau is a trading style of Mortgage & Insurance Bureau Limited who is an Appointed Representative of Mortgage Intelligence Limited which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.







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