Imagine Finance
Shared ownership mortgages
Make your dreams of getting on the property ladder a reality with Imagine Finance
If you would like to buy a home but cannot afford the full deposit or monthly repayments, a shared ownership mortgage could be the answer.
You could buy shares between 10-75% of the full market value of the home, with a deposit usually between 5-10% of your agreed share. The higher your share, the lower your rent for paying the landlord’s share.
Though you pay rent to the landlord for their remaining share, the higher your share, the lower those rent payments will be.
Imagine Finance understands that buying a home can be daunting, which is why we offer expert advice to help you with your shared ownership purchase.
Frequently Asked Questions
What is Shared Ownership?
The shared ownership scheme enables you to purchase a home (houses and flats) if you are unable to afford the entire deposit and mortgage repayments.
You can typically purchase a share between 25-75% of the property value, or even 10% in some cases, and pay rent to the landlord on their remaining share.
The more shares you buy in your home, the lower the rent will be. You can also purchase more shares in your home in the future to decrease rent costs further, known as staircasing.
Visit Shared Ownership on GOV.UK for more information and how to apply.
What should I consider before applying for a shared ownership mortgage?
Through the shared ownership scheme, you may be able to purchase the following from councils or housing associations:
- Existing homes
- New-build homes
- Homes that meet specific needs e.g. disabilities
Bear in mind that all homes through shared ownership are leasehold, meaning when the lease expires (usually after 99 years), the landlord regains ownership of the property.
Your household income must also be under £60k per annum to qualify for the shared ownership scheme, with no minimum income required.
Contact Imagine Finance today and allow us to assess your options, including alternatives if we do not deem a shared ownership mortgage to be suitable advice.
I have a low credit rating. Can I still apply?
How will you support me through the process?
Here at Imagine Finance, we have been helping people buy their homes through shared ownership for over 30 years. We are always on hand to answer any questions you may have from the beginning through to the end.
With access to exclusive mortgage products unavailable at most mortgage brokers, you can be guaranteed you are getting the best possible deal for your circumstances.
Do you charge any upfront fees?
Speak to our team at Imagine today and start turning your dreams into reality.
Mr Wells
