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The shared ownership scheme provides a fantastic opportunity for first-time buyers and home movers in Lincoln to step onto the property ladder without purchasing the full property value outright.
Under this government initiative, shared ownership in Lincoln allows buyers to purchase a share of their desired property, typically between 25-75% (sometimes as low as 10%).
Buyers pay rent on the remaining portion to a housing association or property developer in Lincoln.
Over time, buyers can purchase additional shares through a process called staircasing, eventually owning the full property.
This option depends on personal finances and may require further mortgage adjustments. Speaking with a mortgage advisor in Lincoln can clarify these details.
When applying for shared ownership in Lincoln, several criteria must be met. Applicants need to be over 18 and have a household income below £80,000.
It is essential that buyers cannot afford the full deposit or mortgage for the property.
For instance, while a 5% deposit is required for the purchased share, affordability must exclude 5% of the total property value.
Eligibility categories include being a first-time buyer, a previous homeowner unable to purchase again, someone forming a new household, or an existing shared ownership homeowner in Lincoln moving to a new property.
Advisors in Lincoln can assess whether shared ownership or another scheme suits your needs.
Existing homeowners in Lincoln must secure a “sold subject to contract” status on their current property before pursuing shared ownership.
Additionally, they need a “memorandum of sale” confirming the accepted offer and agreed terms.
Shared ownership in Lincoln is available to those over 55 or those requiring disability accommodations, such as accessible homes.
Military personnel and veterans often receive priority for properties under this scheme.
The portion of the property purchased will depend on affordability and terms set by the housing association in Lincoln.
Buyers typically acquire 25-75% of the property value, with some cases permitting a purchase as low as 10%.
Deposits equate to 5% of the purchased share. For instance, purchasing 50% of a £100,000 property in Lincoln would require a £2,500 deposit.
Agreements generally include provisions for acquiring additional shares later. Mortgage advisors in Lincoln can address complex scenarios.
Shared ownership does not mean sharing ownership with another buyer; instead, it refers to sharing ownership with the housing association or property developer.
That said, buyers in Lincoln can take out a shared ownership mortgage jointly with another person, such as a partner or friend.
This option allows co-borrowers to combine financial resources for affordability.
Selling a shared ownership home in Lincoln may require owning the entire property.
Otherwise, the housing association in Lincoln must be informed, as they hold the first refusal to repurchase or find another shared ownership buyer.
Should they decline within a given timeframe, the property can be listed on the open market.
Specific lease agreements may also influence selling conditions. Homeowners in Lincoln should review their lease and speak to their housing association for advice.
Remortgaging a shared ownership property in Lincoln can provide opportunities for better rates, buying additional shares, or releasing equity.
The process can be complex, given the shared ownership structure.
A mortgage broker in Lincoln can guide buyers through the remortgaging process and address any challenges specific to shared ownership.
Shared ownership involves additional costs beyond mortgage payments and rent.
These may include service charges, maintenance fees, and ground rent, depending on the agreement with the housing association.
Utilities, council tax, and home insurance are the buyer’s responsibility.
Solicitor fees may also apply during the purchase process. For tax-related queries, such as Stamp Duty Land Tax, professional advice from a tax advisor is recommended.
Property alterations under shared ownership often require prior approval from the housing association in Lincoln.
Significant renovations could affect the property’s value, impacting mortgage payments if further shares are purchased.
Mortgage advisors in Lincoln can provide detailed advice on how improvements might affect long-term costs.
If financial difficulties arise, such as struggling with mortgage payments or rent, buyers in Lincoln should immediately contact their lender or housing association.
Open communication may lead to solutions like adjusted payment plans.
Avoiding communication risks property repossession. Lenders and landlords prefer collaborative resolutions to minimise disruptions.
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Samantha
Excellent service, always available when required and made the process hassle free.
2 days ago
Thomas
All of the members of the team I spoke to including Jason and Stacey were fantastic. They answered all my questions and provide support where needed. I would definitely recommend
1 month ago
Anonymous
We reached out to just see where we stood in regards to our borrowing limit and we’ve come out the other end with a mortgage offer and we are going down the route of getting out own home! This never would have been possible without the help of...
9 months ago
Mr Jamie
Daniel was very friendly, knowledgeable and explained everything to us in enough detail without being overwhelming. He gave gentle reminders for things that we had forgotten to do and got us a very good deal for our remortgage. Would highly...
9 months ago
Anonymous
We had a great experience arranging a remortgage with Dinah and Paula. Our situation was a little complicated, but we received very practical advice and they assisted us right through the process. It was all very straightforward in the end. Thank...
11 months ago
Anonymous
Excellent service. Jason has been very helpful and encouraging every step of the way, especially considering our complex circumstances. Easy to set up video calls to discuss matters and email communication has been very quick, detailed and achieved...
11 months ago
Charlotte
Charlie has been nothing but helpful, answers all questions thrown at him, takes the time to explain what everything means which has been hugely helpful as a first time buyer! It’s been a really quick and smooth process from the rest of the team...
1 year ago
Anonymous
Jason and Megan were absolutely brilliant! Both helping me through the entire process.
1 year ago
Hope
Matt & Paula have been so great and efficient in supporting us as first time buyers. Not once did we feel overwhelmed during the process which is great given that we came into this not knowing what to expect. Everything has been quick and efficient,...
1 year ago
Thomas
Matt was incredibly honest and helpful throughout the process even though he was aware I was speaking to a variety of advisors at my point of contact. His knowledge, responsiveness, and willingness to discuss options available to me, made him the...
1 year ago
Hannah
Matt and Stacey were really helpful in sorting our remortgage out. Matt was quick to get back to us when we had questions and Stacey was always on hand as support
1 year ago
Alexander
Dinah has always been available and communicated any changes or good advice we needed. We really appreciate your support
1 year ago
Emma
Quick, efficient, informative service
1 year ago
Milly
Charlie Bryson has been fantastic, supporting me as a first-time buyer from getting an agreement in principle to viewing houses and then through to a mortgage offer in just two weeks! It was a pleasant surprise to find a broker who could explain...
1 year ago
Tori
My mortgage broker was Leo! He’s always been amazing and Iv been dipping in and out for a few years. He really helped me and found the best deals and explain everything I didn’t understand. He was always there on hand and if he had any...
1 year ago
Matthew
Very quick and helpful service.
1 year ago
Andrew
Very helpful and efficient
1 year ago
Michael
Had the good fortune of having Louise H handling our mortgage/sale and she was fantastic throughout. Often filling gaps in communication from our solicitor and regularly engaged from start to finish.
1 year ago
Gordon
I used Lincolnmoneyman when the Nationwide seriously let me down with their offer of a mortgage. Dan Osman was immediately helpful and explained the system and facilitated the set up of our equity release mortgage. With the help of his assistant...
1 year ago
Jordan
‘Great service as usual’
1 year ago
During your free appointment, out mortgage advisor in Lincoln will evaluate your income and expenditure to determine your eligibility for a Shared Ownership mortgage in Lincoln, as well as assess your mortgage affordability.
Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you.
Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.
Our service extends beyond simply securing the best mortgage deal for you. We also offer recommendations for insurance policies that will protect you and your loved ones.
During your free mortgage appointment, a member of our team will explain the scheme to you and help you determine your eligibility.
Our team work hard to provide our customers receive the highest level of customer service. This can be demonstrated in our appointment availability, offering appointments from early until late at night.
Utilising our booking service, you will be able to book a free appointment at a time that is most suitable to work around your time frame, subject to availability. Our advisors in Lincoln work from morning until late, 7 days a week, including weekends.
Here at Lincolnmoneyman, we have access to a large panel of high street and specialist lenders. This allows us to tailor our service and find you the most suitable mortgage deal for your circumstances.
Key workers and first-time buyers in Lincoln may benefit from the First Homes scheme, offering discounts on newly built properties.
Discounts typically range from 30% to 50%, with eligibility varying by location.
Lifetime ISAs provide a government-backed savings opportunity for first-time buyers in Lincoln.
Savers can contribute up to £4,000 annually, with a 25% bonus added. Funds can be used to purchase properties up to £450,000 after 12 months of account opening.
Council or housing association tenants in Lincoln may qualify for discounted property purchases through the Right to Buy Scheme.
Discounts depend on tenancy length, but selling within five years may require repaying some of the discount.
First-time buyers in Lincoln can access 95% mortgages, requiring only a 5% deposit.
This government-supported initiative aims to improve homeownership accessibility across the UK.
This mortgage option allows buyers in Lincoln to include another person’s income in affordability checks without naming them on the property deeds.
Tax implications vary, and professional advice from a tax advisor is recommended if you want to learn more about this.
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Lincolnmoneyman.com & Lincolnmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Lincolnmoneyman.com & Lincolnmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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