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Where can I find a Shared Ownership mortgage?
Specialist Shared Ownership mortgages are offered by a wide variety of high street banks, building societies, and niche lenders within the UK. These lenders understand the unique needs of shared ownership buyers and provide loans that accommodate them. Whatever home-ownership looks like for you, there are numerous options available to suit your financial situation.
Several well-known high street banks offer Shared Ownership mortgages, making it easy for buyers to find a suitable loan. Banks such as Barclays, Lloyds, and Nationwide provide specific products designed for Shared Ownership buyers. These banks offer competitive interest rates and flexible terms, ensuring that buyers can find a mortgage that fits their budget and long-term plans.
Building societies, such as Leeds Building Society and Kent Reliance, also play a significant role in the Shared Ownership market. These institutions often have more flexible lending criteria compared to traditional banks, making them an excellent choice for those who might not meet the stringent requirements of high street lenders. Building societies are known for their customer-focused approach, often providing personalised service to help buyers through the process.
In addition to high street banks and building societies, several niche lenders specialise in Shared Ownership mortgages. These lenders, including institutions like Together and Teachers Building Society, cater to specific groups or offer tailored products that might not be available through larger banks. Niche lenders often have a deep understanding of the Shared Ownership scheme and can provide expert advice and flexible terms to meet the unique needs of their clients.
Key Considerations
When searching for a Shared Ownership mortgage, it is important to consider your monthly rent payments in addition to the monthly payments required by your mortgage agreement. The rent is typically calculated based on the share of the property you do not own, and this cost will need to be factored into your overall budget. See below for more information on how your rent is calculated.
Consulting a Mortgage Advisor
Navigating the Shared Ownership mortgage market can be complex, and it is often beneficial to seek the advice of a specialist mortgage advisor. Advisors with specific knowledge of the Shared Ownership scheme can provide valuable insights and help you find the best mortgage product for your circumstances. We would always advise consulting a mortgage advisor who has specific knowledge of the Shared Ownership scheme. We work with the Mortgage Advice Bureau and The Mortgage People who offer comprehensive support, from initial consultation through to securing your mortgage.
Why Can Shared Ownership Be More Affordable?
Find out why Shared Ownership can be more affordable than traditional home buying.
How much could you afford to borrow with Shared Ownership?
Not sure what you can afford to buy with Shared Ownership? We'll help you work out the costs with our handy affordability calculator tool.
How is Shared Ownership rent calculated?
Find out how we calculate the rent you pay on our share of your home.