Shared Ownership Mortgage Advice in Lincoln

Shared Ownership Schemes for First Time Buyers in Lincoln 

The Pro’s & Con’s of Shared Ownership Mortgages | MoneymanTV

Off the back of the Credit Crunch, the government introduced various schemes under the Help to Buy Umbrella one of these schemes is Shared Ownership. Shared Ownership was introduced to help First Time Buyers in Lincoln struggling to put their foot onto the property ladder.  

How the scheme works is that you own a percentage of a property (usually between 25% and 75%), and then you pay rent on the remaining share.  

Who can qualify for the shared ownership scheme? 

The good news is if your household income is less than £80,000 then you are eligible to buy a home through the scheme. The shared ownership scheme is only available to either First Time Buyers in Lincoln or those in the process of selling a property. You must not own any other property at the time you buy your new home. 

You will need to be able to prove you’re not in mortgage or rent arrears, that you have a good credit history and that you can afford the costs of buying a home under the shared ownership scheme. 

Am I able to sell the property? 

If you achieve full ownership of your home, you can choose to sell the property yourself. However, the housing association has the right to ‘first refusal’ for a certain number of years after you first purchased your home. After this period, you can sell the property to anyone of your choice. 

If you don’t own 100% of your home, the housing association can choose to find its buyer. 

We hope this information was helpful. If you have any further question or need Help to Buy Mortgage Advice in Lincoln, don’t hesitate to get in touch with our friendly advisors, who are available from early until late, seven days a week! We also offer a free mortgage consultation to every customer, no matter their mortgage situation. 

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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Lincolnmoneyman

Lincolnmoneyman, Commerce House, Outer Circle Road, Lincoln, LN2 4HY.

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo