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Shared Ownership in Lincoln

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Shared Ownership in Lincoln

Discuss your Shared Ownership mortgage options with a mortgage advisor in Lincoln.

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Mortgage advice for those looking at Shared Ownership in Lincoln

The Shared Ownership Scheme allows you to take out a mortgage on a smaller percentage of a property, while the remaining percentage is owned by the local authority or builder. The average you’ll have to purchase is somewhere between 25-75% share of the property, but some lenders may allow going as little as 10%.

Since you’ll own a small percentage of the property, you are required to pay a monthly rental fee to the proprietor of the remaining shares. Since all Shared Ownership homes are classified as leasehold, you are required to pay ground and service charges.

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Shared Ownership in Lincoln

What are the requirements for Shared Ownership in Lincoln?

Being a supporting mortgage broker in Lincoln, we can check if you are eligible for a Shared Ownership in Lincoln. If you are unable to meet the criteria for a Shared Ownership you may be better suited for another scheme instead. The folowing requirements for a Shared Ownership are:

  • You must be over the age of 18.
  • Your household annual income cannot be any higher than £80,000.
  • You should not have the capacity to afford a home on the open property market.
  • You cannot be in a mortgage or rental debt.
  • You must provide evidence of having a good credit history (this can be done by passing credit checks and affordability assessments).

If you require open and honest mortgage advice in Lincoln regarding the Shared Ownership Scheme. Book a free mortgage appointment to discuss your options with a trusted mortgage advisors in Lincoln.

Do I need a deposit for a shared ownership in Lincoln?

Contrary to a common misconception, a deposit is required for Shared Ownership in Lincoln, as with most mortgage types. The deposit is proportionate to the percentage of the property you own. For instance, if you’re buying a 50% share of a £300,000 property, your deposit would be £150,000. A 5% deposit results in a 95% loan-to-value; a higher deposit provides more mortgage options and lowers potential payments.

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Shared Ownership FAQs in Lincoln

Does shared ownership mean sharing with someone else?

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No, shared ownership does not imply sharing with another person. It refers to a property ownership structure where you share ownership with a housing association and gradually increase your share over time.

How does Shared Ownership in Lincoln work?

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Shared Ownership in Lincoln allows you to purchase a percentage of a property, typically between 25% and 75%, and pay rent on the remaining share. As your circumstances improve, you can increase your ownership stake through a process known as “staircasing.”

Can I get a Shared Ownership mortgage in Lincoln with bad credit?

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Securing a Shared Ownership mortgage with bad credit can be challenging, but it’s not impossible. Lenders will assess your credit history, and a mortgage broker can help identify suitable lenders and guide you on improving your creditworthiness.

Why use a mortgage broker in Lincoln for a Shared Ownership mortgage?

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When seeking a Shared Ownership mortgage in Lincoln, the expertise of mortgage advisors in Lincoln can prove invaluable. They are here to guide you through the entire process, helping you identify the most suitable deals and tailoring options to align with your specific requirements. Our mortgage advisors in Lincoln will provide you with expert mortgage advice in Lincoln, will also provide thorough explanations of the mortgage terms and conditions, ensuring that you secure the most suitable mortgage available to you.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will conduct a search of 1000 mortgage products to identify the most suitable option for you.

Submit Your Help to Buy Application

Step 3

Once your purchase offer is accepted, we will submit your complete mortgage application and supporting documents to the lender.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Lincoln

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Our Mortgage Advisors in Lincoln have a vast knowledge of helping home buyers and homeowners in Lincoln get onto the property ladder. This is no different for those who are looking to get a mortgage with a Shared Ownership in Lincoln. During your free mortgage appointment, a member of our team will explain the scheme to you and help you determine your eligibility.

Customer Service

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Here at Lincolnmoneyman, we are proud of the high level of service that we have provided to all new and existing customers, which you can read about in our genuine customer reviews. Customer satisfaction is always at the forefront of what we do here. 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.

Book Online – Simple & Easy

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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 Mortgage Advisors in Lincoln workaround from morning until late, 7 days a week, including weekends.

1000’s of Deals

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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. As a Mortgage Broker in Lincoln, we have a lot of experience in the mortgage world, having done this now for well over 20 years. We have likely encountered a situation similar to yours before, so we can use our knowledge to assist you as best as we can. Please get in touch and we’ll see how we can help.

Malcolm and Amy Davidson - Mortgage Advice Lincoln

Shared Ownership Mortgages in Lincoln

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
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Pepper Money
Mortgage Works
Coventry Building Society
Natwest Mortgage Advice
Newcastle Building Society
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Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Popular Scenarios for Shared Ownership in Lincoln

Can I increase my share of the property?

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Yes, you can increase your share of the property through a process called “staircasing.” This allows you to buy additional shares in your home, gradually increasing your ownership percentage. Keep in mind that the process may involve valuation fees and legal costs.

Are there any other fees that come with Shared Ownership in Lincoln?

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Yes, besides your mortgage and rent payments, there are additional costs associated with Shared Ownership. These may include service charges, ground rent, maintenance fees, and potential fees for the staircasing process. It’s essential to factor in these expenses when budgeting for a Shared Ownership property.

Can you take out a Shared Ownership mortgage on any property?

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Shared Ownership mortgages are specific to properties built under the Shared Ownership scheme. Not all properties are eligible, and they are usually developed by housing associations or other registered providers. These properties are designed to help individuals with lower incomes onto the property ladder. It’s essential to check the eligibility of the property with the housing association or developer before applying for a Shared Ownership mortgage.

Mortgage Guides & 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.

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